{"id":32973,"date":"2019-07-04T14:56:28","date_gmt":"2019-07-04T13:56:28","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=32973"},"modified":"2019-07-04T14:56:28","modified_gmt":"2019-07-04T13:56:28","slug":"nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/","title":{"rendered":"NNPC Pays $833.57m Debt, Clears Mobil\u2019s Cash Call Arrears"},"content":{"rendered":"

The Nigerian National Petroleum Corporation, NNPC, Wednesday, said it has fully settled the total amount owed to Mobil Producing Nigeria, MPN, with a payment of $833.57 million.<\/p>\n

Baru Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Dr. Maikanti Baru, This, according to a statement by the NNPC in Abuja, was barely two years after the corporation signed a Vash-call Repayment Agreement with its Joint Venture, JV, partners to defray cash-call arrears within a period of five years.<\/p>\n

Speaking at the commemorative close-out ceremony to mark the conclusion of NNPC\/MPN Cash Call Repayment Agreement, Managing Director of the NNPC, Dr. Maikanti Baru, disclosed that the feat was a product of determination and hard work.<\/p>\n

Baru stated that NNPC management came up with the novel cash-call exit strategy to boost investors\u2019 confidence and grow the nation\u2019s oil and gas industry, adding that the payment did not in anyway undercut remittances to the Federation Account as it was achieved through revenue from incremental production.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cIt is gratifying to note that within two years of this agreement, the NNPC\/MPN JV significantly executed in incremental activities that generated adequate proceeds to liquidate the $833.57 million cash-call arrears, whilst ensuring that revenue flow from the JV to the Federation remained stable\u201d, Baru stated.<\/p>\n

He explained that with the close-out of the repayment agreement, the entire incremental production which is over 45,000 barrels of oil per day (bopd) has been migrated to Federation\u2019s equity and would invariably lead to an increase in revenue to the Government.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Nigerian National Petroleum Corporation, NNPC, Wednesday, said it has fully settled the total amount owed to Mobil Producing Nigeria, MPN, with a payment of $833.57 million.<\/p>\n","protected":false},"author":6,"featured_media":26069,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[188],"coauthors":[2391],"class_list":["post-32973","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-nnpc"],"yoast_head":"\nNNPC Pays $833.57m Debt, Clears Mobil\u2019s Cash Call Arrears - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NNPC Pays $833.57m Debt, Clears Mobil\u2019s Cash Call Arrears - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Nigerian National Petroleum Corporation, NNPC, Wednesday, said it has fully settled the total amount owed to Mobil Producing Nigeria, MPN, with a payment of $833.57 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-04T13:56:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/09\/BARU-GMD-NNPC.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"589\" \/>\n\t<meta property=\"og:image:height\" content=\"688\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/09\/BARU-GMD-NNPC.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/09\/BARU-GMD-NNPC.jpg\",\"width\":589,\"height\":688},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/\",\"name\":\"NNPC Pays $833.57m Debt, Clears Mobil\u2019s Cash Call Arrears - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/#primaryimage\"},\"datePublished\":\"2019-07-04T13:56:28+00:00\",\"dateModified\":\"2019-07-04T13:56:28+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\"},\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NNPC Pays $833.57m Debt, Clears Mobil\u2019s Cash Call Arrears\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\",\"name\":\"Friday Ekeoba\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"NNPC Pays $833.57m Debt, Clears Mobil\u2019s Cash Call Arrears - National Wire","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/","og_locale":"en_US","og_type":"article","og_title":"NNPC Pays $833.57m Debt, Clears Mobil\u2019s Cash Call Arrears - National Wire","og_description":"The Nigerian National Petroleum Corporation, NNPC, Wednesday, said it has fully settled the total amount owed to Mobil Producing Nigeria, MPN, with a payment of $833.57 million.","og_url":"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/","og_site_name":"National Wire","article_published_time":"2019-07-04T13:56:28+00:00","og_image":[{"width":589,"height":688,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/09\/BARU-GMD-NNPC.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Friday Ekeoba","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/09\/BARU-GMD-NNPC.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/09\/BARU-GMD-NNPC.jpg","width":589,"height":688},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/","name":"NNPC Pays $833.57m Debt, Clears Mobil\u2019s Cash Call Arrears - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/#primaryimage"},"datePublished":"2019-07-04T13:56:28+00:00","dateModified":"2019-07-04T13:56:28+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927"},"breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/nnpc-pays-833-57m-debt-clears-mobils-cash-call-arrears\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"NNPC Pays $833.57m Debt, Clears Mobil\u2019s Cash Call Arrears"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927","name":"Friday Ekeoba","url":"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/32973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=32973"}],"version-history":[{"count":1,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/32973\/revisions"}],"predecessor-version":[{"id":32974,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/32973\/revisions\/32974"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/26069"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=32973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=32973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=32973"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=32973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}