- The partnership between ExxonMobil and the federal government over oil and gas activities in Nigeria is being threatened as the latter has been accused of defaulting in meeting its side of cash call obligations under the joint venture assets held by the United States multinational and the Nigerian National Petroleum Corporation (NNPC).
- Speaking at a business review section after the presentation of the 2015 Energy Outlook series held in Uyo, Akwa Ibom State, the Manager, Field Law Services of ExxonMobil, Mr. Omojuwa Oteri, said the company’s operation has experienced a 53 per cent decline because of failure of NNPC to honour its cash call obligations.
Our joint venture production over the last 10 years had been declining up to about 53 per cent. This is mainly because of our joint venture partner’s failure in several instances to honour their cash call obligations to the business.
- Mr. Omojuwa also said the failure by NNPC to pay obligations to the joint venture had impacted negatively on investments outlook and profitability of the business. The ExxonMobil manager also maintained that the oil major was suffering from difficult times due to falling oil prices and non-payment of cash call obligations from partners.
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