Nigeria and its joint venture partners have reached an outline settlement to resolve the US $5 Bn of unpaid cash calls that could unleash new upstream spending in the country, according to the minister of state for petroleum resources. As previously revealed by AOG (see 22 September), the foreign operators have agreed to take a discount to the $6 Bn they believe they are owed for NNPC's share of joint venture funding. The $5 Bn figure will be repaid over the next five years from NNPC's share of production.
展开▼
