The Nigerian National Petroleum Company (NNPC) has paid over $3.68 billion in cash call debt to five International Oil Companies (IOCs).
In new data released on Wednesday, the national oil company said the payment is part of its debt totalling $4.689 billion to its joint venture partners.
The NNPC named the five oil companies to include Shell Petroleum Development Company, Total Exploration and Production Nigeria, Mobil Nigeria Producing, Nigeria Agip Oil Company and Chevron Nigeria Limited (CNL).
According to the NNPC, Mobil Nigeria and Chevron Nigeria have been fully paid, while Shell Petroleum Development Company, Total Exploration and Production Nigeria, and Nigeria Agip Oil Company are still being owed.
The outstanding balance of NNPC to the three firms, as captured in the March 2022 report is $1.01bn as of December 31, 2021.
In the new data released by the NNPC, Shell is owed $1.37 billion out of which $777.4 million has been paid with a balance of $595.1m.
Total is being owed $610.97 million out of which $164.6m was paid, while NAOC was paid $522.6 million out of $774.6 million.
According to the data, NNPC had cleared the $833.75m and $1.097bn renegotiated debts to MPN and CNL respectively.