NNPC Secures $3.7bn Alternative Financing

The Nigerian National Petroleum Corporation has secured a total of $3.7bn in Alternative Financing Agreement in the last three years, Group Managing Director of the Corporation, Dr. Maikanti Baru has said.

Dr. Baru, who made this known while speaking at the 35th Annual Conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos on Wednesday, said securing external funding arrangement was crucial to sustaining oil and gas production in Nigeria and ensuring the survival of Nigeria’s energy future.

“Within the last three (3) years, we have embarked on several successful Alternative Funding Programmes to sustain and increase the national daily production and producibility,”

Dr. Baru told delegates at the annual conference.

According to the GMD, the $3.7bn financing package included the $1.2Billion multi-year drilling financing package for 23 onshore and 13 offshore wells under NNPC/Chevron Nigeria Limited Joint Venture termed Project Cheetah and the $2.5Billion alternative funding arrangements for NNPC/SPDC JV ($1Billion) termed Project Santolina; NNPC/CNL JV ($780Million) termed Project Falcon as well as the NNPC/First E&P JV and Schlumberger Agreement ($700Million).

Project Cheetah is expected to increase crude oil production by 41,000bopd and 127Mmscfd with a Government-take of $6Billion over the life of the Project.

Source / More: Nigerian National Petroleum Corporation

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