FG will clear unpaid bills for production joint ventures piled up over many years under a deal signed on Thursday with Shell, Chevron, Total, Eni and Exxon Mobil.
The deal would unlock fresh investment in the OPEC member country, Oil Minister Emmanuel Ibe Kachikwu said in a speech at the signing ceremony, adding the repayment would take place over the coming five years.
He did not give any further details of the repayment.
He said last month the agreement was worth $5.1 billion, or $1.7 billion less than the total amount owed in unpaid bills.
Kachikwu also said that Forcados exports would resume soon, without giving any more precise information. The grade has been under force majeure since February after multiple attacks on the pipelines that carry it to the export terminal.