The
federal government has reached an outline settlement to resolve a protracted
dispute with five international oil companies (IOCs), under which the oil firms
will be paid $5 billion as arrears of cash calls to cover exploration and
production costs. Financial Times reported that Shell, ExxonMobil, Eni, Chevron
and Total have signed deals relating to this settlement of costs incurred
between 2010 and 2015, as they also seek to forge new financing arrangements
for their joint ventures (JVs) in Nigeria.
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