
With effect from January 1, 2017 the Federal Government will cease to fund the Joint Venture Cash Calls estimated at $9 billion yearly.
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, made this known yesterday in Lagos at the yearly conference of the Nigerian Association of Petroleum Explorationists (NAPE) .
According to Baru, aside from the inherited arrears estimated at over $6 billion, the underfunding of NNPC Cash Calls is estimated to be about $2.5 billion in 2016 alone.
The corporation had adopted the same alternative funding of $1.2 billion multi-year drilling financing package for 36 oil wells under the NNPC and Chevron Nigeria Limited Joint Venture. The success of the NNPC/Chevron JV alternative funding may have compelled the...read it here...
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, made this known yesterday in Lagos at the yearly conference of the Nigerian Association of Petroleum Explorationists (NAPE) .
According to Baru, aside from the inherited arrears estimated at over $6 billion, the underfunding of NNPC Cash Calls is estimated to be about $2.5 billion in 2016 alone.
The corporation had adopted the same alternative funding of $1.2 billion multi-year drilling financing package for 36 oil wells under the NNPC and Chevron Nigeria Limited Joint Venture. The success of the NNPC/Chevron JV alternative funding may have compelled the...read it here...





