E - Nigeria pays $3B to oil majors moving closer to ending arrears

Nigeria's government says it has reimbursed $3B to oil companies including Exxon Mobil (XOM) and Royal Dutch Shell ([[RDS.A]], [[RDS.B]]), moving closer to clearing operating expense arrears owed since 2010.The payments are being settled through a five-year crude oil sales deal agreed in 2016, Nigerian National Petroleum Corp. says, adding that it still owes $917M to Shell, $385M to Eni (E), $304M to Total (TOT) and $55M to Chevron (CVX).NNPC operates joint ventures with the producers, which pump 80% of Nigeria's output.Lower revenue and demands for other payments hurt NNPC's ability to contribute its share of expenses during 2010-15, leading to the arrears.

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Nigeria pays $3B to oil majors, moving closer to ending arrears