Nigerian National Petroleum Corporation (NNPC) on Sunday disclosed that it has secured a $1.2 billion multi-year crude oil drilling financing package to enable it to drill 36 offshore and onshore oil wells under the NNPC/Chevron Nigeria Joint Venture arrangement.
In a statement from its Group General Manager, Public Affairs, Mr Ohi Alegbe in Abuja, NNPC described the loan deal as a landmark move designed to supplement the federal government’s Cash-Call commitment to its various joint venture arrangements.
It also quoted its Group Managing Director, Dr. Ibe Kachikwu to have said that the new deal will serve as a template for its future financing of upstream oil and gas operations.
According to the statement, the $1.2 billion funding package is to be financed by a consortium which includes Nigerian and international lenders.
It equally noted that it is an integral part of the ‘Accelerated Upstream Financing Programme’ which it initiated to address the perennial challenge experienced by the federal government in providing its counterpart funding of joint venture upstream activities.