Motion on urgent need for effective implementation of the Joint Venture Cash Calls Obligations by NNPC

Motion on urgent need for effective implementation of the Joint Venture Cash Calls Obligations by NNPC. The motion was deliberated upon in the Senate on Wednesday, 13th April, 2016. The motion observed that although the National Assembly has been appropriating for the NNPC Joint Venture cash calls obligations in the past, it disclosed that the current outstanding cash call obligations in the oil and gas sector stands at over $6billion.

The Senate adopted the motion and mandated its Committees on Gas, Petroleum Upstream, Finance and Appropriation chaired by Senator Albert to carry out a holistic investigation into the matter.

The committee held its public hearing in November 2016 with major oil companies and the operator of NNPC Joint Venture stakeholders of the oil and gas industry and the general public in attendance. The report of the committee was submitted to the Senate by the Chairman, Senate Joint Committee on Joint Venture Cash Calls Obligations, Senator Bassey Albert on Thursday, April 27, 2017.