NLNG Corporate Caring banner First bank SME Connect Fidelity bank card banner Emerald Energy Institute Camano banner

NNPC secures $1.2 billion funding for 36 oil wells

By News Express on 20/09/2015

Gmail icon

Views: 2,889


As part of a strategic move to grow Nigeria’s oil and gas reserves and generate more income, the Nigerian National Petroleum Corporation, NNPC has secured a $1.2 billion 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, Dr Ibe Kachukwu described the new alternative funding model in the upstream financing which would serve as a template for future initiative to supplement the Federal Government’s Joint Venture Cash Call commitment.

A break down of the funds which is being financed by a consortium of Nigerian and International lenders indicates that the $1.2bn is to be channeled into the development of 23 onshore and 13 offshore wells on OML 49, 90 and 95 in two stages over 2015-2018.

Stage one, comprising 19 wells, is projected to deliver 21,000 barrels of crude oil and condensate per day alongside 120 million standard cubic feet of gas per day (mmscf/d) over 2015 and 2016.

Stage two, comprising 17 wells is projected to yield 20, 000 barrels of crude oil and condensate per day alongside gas production of 7 million standard cubic feet per day (mmscf/d) between 2016 and 2018.

It is also envisaged that both stages of the project would generate $2 to $5 billion of incremental revenue to the Federation account.

Beyond the contribution to the National Treasury, the projected peak incremental gas production of 127 mmscf/d, which is the electricity equivalent of 400 megawatts would help boost the Federal Government’s domestic gas aspirations with expectant positive effect on power supply. (Channels TV)

Source News Express

Posted 20/09/2015 8:15:01 PM

 

 

CLASSIFIED ADS

 

You may also like...
Senate 2019: Uduaghan, best man for Delta South...

Rivers Police parades 200 suspects, recovers ammunition, vehicles...

Boko Haram: Donate to us directly, Abuja IDPs...

Foreign capital flow into Nigeria drying up

Embattled Oyo-Ita resurfaces in Presidential Villa

3,000 LP members defect to PDP in Delta...

Warri Wolves, Giwa FC chase continental ticket as...

Chad, Nigeria disagree over air strikes on Boko...

African Centre launches whistle blower support initiative

MASSOB uncovers plot to kill members

N50bn allegedly diverted from National Assembly allocation

Ihedioha to reward student who bagged 9As in...

 

Latest News Gunmen kill three policemen in Kaduna Radio Bayelsa staff killed, journalists trapped in campaign venue as political thugs clash Heavy security at Edo APC secretariat, Assembly BREAKING: Super Eagles start 2021 AFCON qualifiers on winning note, beat Squirrels of Benin in Uyo Border closure: ECOWAS countries reject Nigerian goods We are ready to release Sowore but only to the right person — DSS Adamawa govt to pay civil servants N32,000 minimum wage from November Recent promotions in Air Force, Police grossly lopsided — Intersociety Bayelsa Guber: Group warns of danger signals, threats to peaceful poll, sues for restraint Oyo Gov appeal: 48 hours after, judges fail to make copy of judgment available to Makinde’s lawyers Police arraigns young Editor, campus journalist over report on Presidential Adviser’s factory Kwara holds open bid for construction of 26 urban roads

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (561,746 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (451,819 views) Shameless Genevieve Nnaji exposes breasts in public (400,789 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (334,848 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (303,173 views) 10 cars more expensive than Jets (279,585 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (258,505 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (256,627 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (238,123 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (224,445 views) Lagos plane crash: Journalist releases victims’ names (201,114 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (197,891 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (108) Business & Economy (4,564) Business Verdict (86) Columnists (1,142) Complaints & Requests (97) Enterprise & Opportunities (219) Entertainment (702) Features (844) Global Business Monitor (493) ICT Monitor (67) International (4,198) Interview (211) Live Commentary (30) Love Matters (176) Maggie's Blog (481) News (53,909) Opinion (1,418) Pidgin (17) Politics (11,702) Religion (1,118) Sports (2,222) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera