Nigeria is about to pay back 3bn USD to oil majors
The move could see the African oil rich country to finally settle its debts.
Nigeria's government says it has refunded $ 3 billion to oil companies like Exxon Mobil (NYSE: XOM) and Royal Dutch Shell (RDS.A, RDS.B), getting closer to settling operating costs arrears since 2010. The payments will be made under a five-year crude oil sales contract signed in 2016, says Nigerian National Petroleum Corp. and adds that it owes $ 917 million to Shell, $ 385 million to Eni (NYSE: E), $ 304 million to Total (NYSE: TOT) and $ 55 million to Chevron (NYSE: CVX) . The NNPC operates joint ventures with the producers who pump 80% of Nigerian production. Lower revenues and demands for other payments affected the NNPC's ability to meet its share of spending in 2010-15, resulting in arrears.