Nigeria To Exit Joint Venture Cash Calls With Oil Companies

CHANNELS TV

The Nigerian government has disclosed plans to sign agreements that would formally terminate the existing joint venture cash calls arrangement it had with international oil companies.

The event which is expected to take place on Thursday, would feature a presentation of the 2016 scorecard of the Ministry of Petroleum with Nigeria’s Vice President, Yemi Osinbajo, in attendance.

Nigeria is in arrears of nearly six billion dollars of cash calls payable to the oil companies that the country does business with.

Deputy Oil Minister, Ibe Kachikwu, last week presented a proposal to the National Assembly on how to exit the joint venture cash calls which the country is unable to pay as oil prices tumble to new lows over the past two years.