FG REACHES SETTLEMENT WITH IOCS ON $5BN CASH CALL ARREARS

The federal government has reached an outline settlement to resolve a protracted dispute with five international oil companies (IOCs), under which the oil firms will be paid $5 billion as arrears of cash calls to cover exploration and production costs. Financial Times reported that Shell, ExxonMobil, Eni, Chevron and Total have signed deals relating to this settlement of costs incurred between 2010 and 2015, as they also seek to forge new financing arrangements for their joint ventures (JVs) in Nigeria.

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NNPC should not be allowed to formulate policies for oil, gas sector – experts

Industry experts have warned of the dangers of allowing the Nigerian National Petroleum Corporation (NNPC) to spearhead the formulation of policies for the oil and gas sector.   The state oil company has rather been asked to focus on making the newly created directorates profit centres, instead of massive cash-guzzling points.

 

The experts point to the pronouncement by the Ibe Kachikwu, group managing director (NNPC) calling for the removal of petroleum subsidy as a policy issue that would only distract the NNPC from the current reforms being embarked upon by the new helmsman.

 

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