NNPC secures multi-year drilling Financing Package

Nigeria National Petroleum Corporation has secured a $1.2 billion dollars multi-year drilling financing package for 36 Offshore/Onshore Oil wells under the NNPC/Chevron Nigeria Limited Joint Venture.

At the ceremony held in London to consummate the deal, the Group Managing Director of the NNPC, Ibe Kachukwu described the new alternative funding model in the upstream financing as a template for future initiative to supplement the Federal Government’s Joint Venture Cash Call commitment.

The  funds which is being financed by a group of Nigerian and International lenders indicates that the $1.2billion dollars is to be channeled into the development of 23 onshore and 13 offshore wells .

According to him, it is envisaged that both stages of the project would generate $2 billion dollars to $5 billion dollars of incremental revenue to the Federations account.




Leave a Reply