Nigeria gives $ 2.5 bn for joint ventures

Jan 12, 1998 01:00 AM

International oil companies operating joint ventures with the state-owned Nigerian National Petroleum Corporation (NNPC) have been allocated $ 2.5 bn as cash calls in the 1998 budget, Finance Minister Anthony Ani said.
The companies received the same amount in 1997, which they claimed would force them to reduce operations due to insufficient funding.
The firms asked for an increase of $ 600 mm in 1997 to make up the shortfall. The Nigerian government instead approved an extra $ 450 mm which was, however, not paid.
The government's financial position meant that it could now pay the balance, said Ani, adding that the NNPC would get $ 118 mm for its special projects this year.
The Nigerian government has also increased the penalty on gas flaring from 0.5 $cents per thousand cubic feet of gas flared to 12.5 $cents per thousand cf flared, he noted.

Source: not available
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