ExxonMobil accuses FG of defaulting in partnership agreement

The partnership between ExxonMobil and the Federal Government over oil and gas activities in Nigeria is being threatened as the latter is accused of defaulting in meeting its side of financial obligations to the operation, business and commitment of the multinational oil firm.

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 have witnessed 53 percent decline because of failure of partners to honour cash call obligations.

According to him, the American oil giant 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”, he said.

[ThisDay]

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