The Federal Government has said it will terminate the funding of a $7.39 billion, about N1.478 trillion per annum Joint Venture, JV cash call obligation before 2016.
The Minister of State for Petroleum Resources, Ibe Kachikwu, made this known at the Oloibiri Lecture Series and Energy Forum organised by the Society of Petroleum Engineers, SPE Nigeria Council, last week in Abuja.
He said the discontinuation of the cash call obligation, will give the oil majors a free hand to source for funding from financial institutions or other sources to execute their projects.
