Saturday , October 31 2020
Breaking News
Home / Business / JV Cash Call: NNPC Secures $1.2bn Loan To Drill 36 Oil Wells

JV Cash Call: NNPC Secures $1.2bn Loan To Drill 36 Oil Wells

NNPCNigerian 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.

Comments

comments

Check Also

Nigeria’s Inflation Hits 13.71% In September…… Highest In 30 Months

Nigeria’s inflation rate rose to 13.71%  year-on-year in September 2020, hitting its hghets level in …

UAE Reverses Visa Restriction As Nigeria Lifts Ban On Emirates Airlines

The Federal Government has lifted the ban on Emirates Airlines from operating in Nigeria just …

Social Media Auto Publish Powered By : XYZScripts.com