Nigerian National Petroleum Corporation (NNPC) is behind in cash calls payment to its joint ventures with multinational oil companies by $3.95 billion, the corporation spokesman said.
The oil giant said it paid $993.7 million part of the arrears owed its joint partners up till September last year, but outstanding debt remains huge.
As part of measures to off-set the balance owed its partners, it plans to raise about $2.3 billion in financing from third parties to help cover the costs.
As part of measures to off-set the balance owed its partners, it plans to raise about $2.3 billion in financing from third parties to help cover the costs.
NNPC also said it was raising $3.15 billion through a firm called SEEPCO to develop 416 million barrels of reserves from the Oil Mining Licence (OML) 13 field.
NNPC has over the years piled up unpaid bills, so-called cash calls, that it was obliged to pay Western firms with which it has joint ventures for oil exploration and production.
The delay in payments has hindered oil and gas investment in the OPEC state and worsened a budget crisis as the government seeks to increase spending to boost an economy still recovering from a recession.
Minister of State for Petroleum Emmanuel Kachikwu said this month Nigeria was producing 1.78 million bpd.
In November, NNPC said it would increase oil production in 2019 to 1.8 million barrels per day (bpd). At that time it was producing roughly 1.6 million bpd.
NNPC has over the years piled up unpaid bills, so-called cash calls, that it was obliged to pay Western firms with which it has joint ventures for oil exploration and production.
The delay in payments has hindered oil and gas investment in the OPEC state and worsened a budget crisis as the government seeks to increase spending to boost an economy still recovering from a recession.
Minister of State for Petroleum Emmanuel Kachikwu said this month Nigeria was producing 1.78 million bpd.
In November, NNPC said it would increase oil production in 2019 to 1.8 million barrels per day (bpd). At that time it was producing roughly 1.6 million bpd.
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