NNPC, IOCs Sign Alternative Financing Agreements for Two Oil Projects

Petrol hawkers looking for buyers around NNPC headquarters Abuja

Petrol hawkers looking for buyers around NNPC headquarters Abuja

Nigeria's state oil company said on Thursday it had signed financing agreements with Chevron and Shell worth at least $780 million to boost crude production and reserves.

According to the Corporation, two projects coming out of the deal would generate almost 16 billion dollars revenue for the country.

The Nigerian National Petroleum Corporation (NNPC) said a joint venture agreement with Chevron Nigeria Limited would see the development of proven and probable reserves of 211 million barrels at the joint Sonam project.

"The project is expected to begin to bear fruits in (the) next three and six months", NNPC said in a statement, adding it was targeting production of 39,000 barrels per day of liquids and 283 million standard cubic feet of gas per day.

He stated that the Sonam Project alone, on fruition, would net the Federal Government cumulative incremental earnings of $7.3billion over the project's life.

The other agreement made by NNPC with Shell will enable the development of Project Santolina which features 156 development activities in 12 OMLs and 30 different fields across the Niger Delta.

One of the deals is with Chevron and concerns the development of two new offshore oil blocks, according to Platts.

The agreements for the funding of the two projects, it explained, were signed by its Group Managing Director, Dr. Maikanti Baru; Shell Global Upstream Director, Mr. Andy Brown; and Chairman and Managing Director of CNL, Mr. Jeffrey Ewing.

The GMD put the total third-party financing for Project Santolina at $1 billion, inclusive of financing cost of which, he said, co-lending amounted to $420 million with NNPC's portion of $850 million.

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