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NNPC pays Down JV Cash Call Arrears Balance to $1.66bn

NNPC

The Nigerian National Petroleum Corporation (NNPC) has paid $3.02 billion of outstanding cash contributions to joint venture (JV) partners including Royal Dutch Shell Plc, and Total SA, as at July 2020, according to documents seen by MoneyCentral.

The NNPC still owes $1.66 billion in arrears.

A total debt of $4.689 billion was negotiated by the NNPC and the oil companies.

The joint venture (JV) system mandates monetary contributions from all partners, with the NNPC’s National Petroleum Investment Management Services (NAPIMS) serving as joint venture partner to IOCs.

However, recent years have seen NAPIMS struggle to meet the funding needs of private companies, with total arrears reaching peak levels of $6.8bn in 2016 before being renegotiated.

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