- Mobil Producing Nigeria Unlimited (MPNU), operator of MPN/NNPC Joint Venture, says its operations have witnessed 53 percent decline because of failure of partners to honour cash call obligations.
- The Manager, field law services, ExxonMobil, Mr Omojuwa Oteri, disclosed this in Uyo during the week at a stakeholders’ meeting tagged ‘2015 Energy Outlook Series.’He said that the company started experiencing decline in its production activities 10 years ago due to non-release of 60 percent cash call arrears by the joint venture partners.
“Our joint venture production over the last 10 years had been declining up to about 53 percent.
This is majorly because of our joint venture partner’s failure in several instances to honour their cash call obligations to the business,’’ Oteri reiterated”.
- He said that the Federal Government, which is represented by NNPC, was contributing 60 percent to the joint venture while ExxonMobil paid the balance of 40 percent.