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    Nigeria Agrees to Settles Debt with Majors

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Summary

Nigeria has agreed to settle $5.1bn of outstanding debt to Shell, Exxon and other majors, Petroleum Minister Emmanuel Kachikwu has said.

by: Mark Smedley

Posted in:

Natural Gas & LNG News, News By Country, Nigeria,

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Nigeria Agrees to Settles Debt with Majors

Nigeria has agreed to settle $5.1bn of outstanding debt to Shell, Exxon and other majors, the minister for petroleum Emmanuel Kachikwu November 17, reported Bloomberg news agency and others, adding the amount will be paid out as crude only if Nigeria’s oil production exceeds its current 2.2mn b/d. The amount is less than what the majors had requested.

Nigeria's minister of state for Petroleum Resources Dr Ibe Kachikwu (Photo credit: NNPC)

London's Financial Times reported November 8 that an outline $5bn settlement was reached between Nigeria and Shell, Exxon, Eni, Chevron and Total.

 

Mark Smedley

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