During an investigation by the House of Representatives Public Accounts Committee, it was disclosed that three major oil companies, Chorus Energy, Dubril Oil Company Limited, and Belema Oil, collectively owe $5.5 million to the Federation Account. The revelation was prompted by the Auditor General for the Federation’s report.
The Nigerian Upstream Petroleum Regulatory Commission provided detailed testimonies outlining the outstanding debts of these companies. According to the presentation by Mr Balarabe Haruna, Chorus Energy owes $814,680.06, Dubril Oil owes $3,025,193.71, Eroton Exploration & Production owes $78,486,333.27, and Belema Oil owes $1,703,617.68.
Representatives from the companies explained that the debts were due to various factors such as changes in oil prices, production declines, and operational challenges. They assured the committee of plans to settle the outstanding amounts and discussed ongoing negotiations with relevant authorities.
The committee emphasized the importance of oil companies meeting their financial obligations, stating that resolving these debts is crucial for governance in Nigeria. The companies were given a two-week ultimatum to settle their debts, with a warning of severe consequences for non-compliance.
Other oil operators were also mentioned to have outstanding debts, with the committee urging them to address their financial responsibilities promptly.