The Federal Government said it will clear unpaid bills worth $5.1 billion for oil production joint ventures piled up over several years under a deal signed on Thursday with Shell, Chevron, Total, Eni and Exxon Mobil.

Minister of State Petroleum, Dr. Ibe Kachikwu, stated this in in a speech at the signing ceremony, adding the repayment would take place over the coming five years.

He said the oil majors had given Nigeria a discount of $1.7 billion, lowering the original amount from $6.8 billion.

The agreement would also ensure that future payments to production joint-ventures with oil majors would be paid in time, Kachikwu told reporters after the signing.

He also said that Forcados export terminal would resume soon, though he failed to give details of the resumption. The export terminal had been under force majeure since February after multiple attacks on the pipelines that carry it to the export terminal.

Nigeria oil production is close to 1.8 million bpd -oil minister

Also, Kachikwu on Thursday disclosed that Nigeria’s oil production is close to 1.8 million barrels per day (bpd) told a forum in Abuja on Thursday.

The country has struggled to regain its peak production of around 2.2 million bpd due to persistent militant attacks in the oil-producing Niger Delta region.

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