Nigeria’s NNPC Paid $993.7 Million Cash Call Arrears By September

Nigeria’s state oil firm said on Jan. 18 it had paid $993.7 million up to September in arrears owed to its joint ventures with multinational oil companies by September and still had to make up payments of $3.95 billion.

The Nigerian National Petroleum Corp. (NNPC) said it was seeking to raise about $2.3 billion in financing from third parties, such as joint venture partners, to help cover costs.

NNPC also said it was raising $3.15 billion through a firm called SEEPCO to develop 416 million barrels (MMbbl) of reserves from the Oil Mining License (OML) 13 field.