NNPC to Pay Outstanding Obligations by Late May

The National Petroleum Investment Management Services (NAPIMS), a subsidiary of the NNPC which monitors the Nigerian Government's 57 percent average equity interest in its oil & gas joint ventures, has said that the NNPC will be able to pay the nearly $100 million arrears it owes its joint venture partners. NAPIMS is targeting May 29 as the payment date.

The cash call is the government's counterpart funding of Nigeria's oil joint ventures with Shell, ChevronTexaco, Agip, TotalFinaElf and ExxonMobil. The arrears, which had accumulated to $1.2 billion in 1999, were reduced to $500 by last December and to around $100 million in February.