As Nigeria seeks to ramp up oil production, the Nigerian National Petroleum Corporation (NNPC) has approached its joint venture partners and proposed to pay disputed arrears of between $8 billion and $10 billion, saying that oil production shortfalls “could cripple” the industry if left unaddressed.
A letter from the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to the Managing Directors of Chevron, Shell and the Nigerian subsidiaries of Exxon and Eni named three “unresolved challenges”: arrears from the joint ventures; the payment structure of the joint ventures; and a dispute related to production-sharing contracts.
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