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Ade Adesomoju, Abuja

An oil giant, Mobil Producing Nigeria Unlimited (ExxonMobil), has denied an allegation of owing the Federal Government to the tune of $1.8bn for the renewal of three oil blocks’ licences.

It said on Monday that it made a total payment of $665m for the renewal of the Oil Mining Leases 67, 68 and 70.



In a July 15, 2019 letter, which was obtained by The PUNCH on Monday, the company told its accuser, the Special Presidential Investigation Panel for the Recovery of Public Property, that it made full payment for oil blocks’ renewal in 2009.

The alleged indebtedness translates to about N648bn at $1 to N360 exchange rate, while the $665m the company claimed to have paid for the leases translates to N239.4bn.

The PUNCH had exclusively reported that the SPIPRPP led by Mr Okoi Obono-Obla was investigating a petition by human rights lawyer, Mr Femi Falana (SAN), who accused the oil company of only paying about $600m out of the payable renewal fees of $2.5bn (about N900bn) for the three oil blocks.

The PUNCH had obtained the panel’s June 13, 2018 letter addressed to Mobil’s managing director at Mobil House, Lagos, giving the company three weeks to pay the alleged outstanding balance of about $1.9bn to the Federation Account.

ExxonMobil had denied the indebtedness in series of correspondences addressed to the panel including its reply dated July 5, 2018.

Officials of Mobil had also appeared before the panel which insisted that the explanations offered by the company were unsatisfactory.

The SPIRRPP had also called for documents covering the transaction.

Mobil in a July 15, 2019 letter which was signed by the company’s Vice Chairman, Udom Inoyo, forwarded the Department of Petroleum Resources’ and the Nigerian National Petroleum Corporation’s documents in respect of the transactions to the SPIRRPP.



Further denying the alleged indebtedness, the company stated that the $665m it paid for the Oil Mining Leases 67, 68 and 70 was the full payment in line with the agreement reached with the DPR and the NNPC.

The letter titled, ‘Re: OML 67, 68 and 70 — Renewal Fee and Payment’, read in part, “We have again searched our records on this matter and wish to provide some additional information that supports our position that the renewal fees required of the MPN related to the renewal of OMLs 67, 68 and 70 have been paid in full.”

Source: https://punchng.com/we-paid-665m-to-renew-three-oil-blocks-mobil/

Exxon should pay up.

Good for Nigeria

Hmmm

Just one month, u get ur capital back

Who that one con help?

The difference btw a Landlord and a Tenant is, a landlord knows it's his property so whatever he does on his land he'd always apply caution... But a tenant knows it's not his land, so whatever he is doing on it, nothing concern am concern caution.


.. It's so sad that till today na foreigners still dey drill oil for land ..

An oil giant, Mobil Producing Nigeria Unlimited (ExxonMobil), has denied an allegation of owing the Federal Government to the tune of $1.8bn for the renewal of three oil blocks’ licences.

These are what the previous government refuse to let us know about.
They rather share it all among themselves.

Nigeria will be great again.

F

And yet no light in the country

Is NNPC too not owing mobil by way of unpaid cash calls

post=80540715:

These are what the previous government refuse to let us know about.
They rather share it all among themselves.

Nigeria will be great again.

surfer no dey tire you

Good morning

Billions upon billions
Chaii

In all and all, something is wrong somewhere.

Government that causes confusion and mental problems to it's citizens

Government that causes confusion and mental problems to it's citizens

I wonder how that money was spent...RUGA? Boko Haram? Miyetti Allah? It has to be at least two out of the three.

Hmmm, Naija!













I sell cheap and super neat laptops.

Details on signature.

Dats gud

When did a task force become a revenue collection agency?

They should talk to DPR responsible for collecting it and not harrass companies.

This is one of my problems with Nigerian government.

One committee will just usurp the power given to a government agency. The other day, it was a National Assembly committee harrasing companies for taxes. What is the job of FIRS?

Rather than reconcile their records with the agencies, they get half information and start chasing companies.

Why has DPR responsible for collecting these lincese fees not raised alarm over this short payment since 2009? Most likely because DPR as industry regulator understands how things work, but the emergency committees know nothing. If they feel someting is suspicious, both the committees and DPR are government to government, let them engage each another and if truly the companies underpaid, get DPR to chase them.

Not this tout approach to revenue collection.

By the way, I can see the committee is acting on a newspaper alarm (or was it petition) raised by Femi Falana. Same Falana that was in 2012 calculating government revenue by just multiplying crude price by total country production as if all production goes to goverment.

Alzirida:
Just one month, u get ur capital back

Not true. The profit margins in the oil industry isn't what it used to be. Chevron made losses for two straight years in 2015 and 2016. Profit margins for global operations were around 20billion dollars. Gross revenue was about 270 billion dollars...its profitable no doubt, but the profit margin per barrel of oil is less than 8%. The only lucky breaks are when you go on long streaks without drilling a dry hole

Pls come and comment on this topic.

Dididrumz:


Since you are married I thought you would know better but NO, You're as clueless as a new born baby.

So you want to tell me you don't know that Boko Haram was started by opposition members to Intimidate the presidency of GEJ?

You must be a very wicked fellow to look at what is happening in Nigeria today and still have the guts to say GEJ is the worst to ever rule Nigeria....

God is merciful, so if I say God rule over your life like Buhari is ruling this country, He(God) would not grant that pray.

So I pray WISH for you that may the Devil rule over your life and family like Buhari is ruling this country currently

Citizen0:
E be like say. Na your wife go the school for you. Because as you dey reason so, I wonder. Your reason tire me. Abeg.

Eluwilussit:


May God also rule you the way Bubu is ruling Naija, and may Fulani Herdsmen visit your household without let. Amen!

olumike001:



Wait dont go too far..please say Amen.
May God rule your life the way Buhari is ruling Nigeria.

I don't know how you people take defense for the leaders you no nothing about. What do you about Buhari or Jonathan.
Jonathan is bad and yet Buhari has not file any single case of corruption since he assume the president seat,he keep getting international recognition but here in his Father's land he get bashing from people that can't even buy his shoe.
This is how violence start you read stories onlime and you base your judgement on it.
That's not fair bro,just know if u want to be a leader you shouldnt be doing this.

The media make u believe whatever they want,be wise

nams77:

My my Father above rule your live and generation the way buhari is ruining Nigeria. I will put it in prayers

dxpecial:

May God rule your life like Buhari ruled and is still ruling Nigeria. say Amen!!
May your life be like Nigeria economy under Buhari. say Amen!!
nonsense and Buhari's reign
we are talking about insecurity at your doorstep u are spewing something else

uchwar1:
Compare the govt of Jonathan and Buhari, judge your conscience and stop hating

The own oil block license no be beans. See the kind deal falz father dey put body inside.

This is getting quite interesting..

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soul95:


Not true. The profit margins in the oil industry isn't what it used to be. Chevron made losses for two straight years in 2015 and 2016. Profit margins for global operations were around 20billion dollars. Gross revenue was about 270 billion dollars...its profitable no doubt, but the profit margin per barrel of oil is less than 8%. The only lucky breaks are when you go on long streaks without drilling a dry hole

The reason is because of insecurities in the country.
Gulf of Guinea is the most unsafe place to do oil business. These oil Coys pays a lot to Navy to provide security for them

post=80540715:

These are what the previous government refuse to let us know about.
They rather share it all among themselves.

Nigeria will be great again.

tufiakwa

the more money nig makes,

the poorer the common man gets!

#govt of THIEVES, BY THIEVES, FOR FOOLS!