The Group General Manager (GMD), Nigerian National Petroleum Corporation (NNPC) Dr. Maikanti Baru on Monday revealed the corporation has paid $1.5billion out of the $5billion cash call exit to Joint Venture (JVC).
He said: “We negotiated settlement between 2016 JV cash call arrear. Also championed indigenous cash exit, self- funding. So far we have paid over $1.5billion out of the $5.1billion cash call arrears to date.”
The development, according to him, has not only restored the confidence of IOCs, JV partner, in Nigeria, it has also led to reserves growth and improved oil production.
Baru was represented by the Chief Operating Operating Officer, Mr. at the 12th Annual International Conference of the Nigerian Association for Energy Economics (NAEE) holding in Abuja.
The theme of the conference was: “Energy access and efficiency imperatives for sustainable development in emerging economies.”
He said: “In 2018, which was the second year in the roll, we concluded the fiscal year without any cash call arrears.”
Baru said the development culminating in the corporation not recording any cash call arrear in 2018.
NAEE President, Prof. Wumi Iledare, who had at the weekend advised Nigeria to heed the advice of the International Monetary Fund (IMF) to stop subsidising the pump price of the Premium Motor Spirit, said that it was to forewarn the country of retrogressive to the Venezuela’s condition.
His words: “From my opinion, benefits from petroleum subsidy of over 40 years compare to the cost are not comparable.
“I stand to be corrected that the cost to the economy of petroleum subsidy is significantly higher to benefits.
“Subsidy is a gorilla to the Nigeria economy and something has to be done. Otherwise, Venezuala is knocking at the door and it is not a good experience.”
He also disclosed that in the last year, Nigeria’s national average daily crude oil production stood at about 2.019 million barrels.
This volume, according to him translates to an increase of 9% above the 2017 average of 1.86 million barrels and comes as significant improvement from the unimpressive production levels recorded on my assumption of office in July, 2016.
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