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NNPC, Chevron secure N610bn funding to drill 37 oil wells

Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Corporation (NNPC) and CNL (NNPC/CNL JV) at the weekend disclosed that…

Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Corporation (NNPC) and CNL (NNPC/CNL JV) at the weekend disclosed that $1.4 billion financing has been secured to fund the NNPC/CNL JV infill drilling program between 2022 to 2026.

The financing arrangement was executed on Wednesday, November 30, 2022, according to the CNL and it covers the drilling of 37 wells in the offshore and onshore Escravos area.

General Manager, Policy, Government and Public Affairs, Esimaje Brikinn said, “This project will help to monetise reserves and increase production by arresting decline and supporting domestic gas supply.

“The project is in alignment with the NNPC/CNL JV’s lower carbon ambitions and helps support a lower carbon future through increased gas resources for commercialization.

“The NNPC/CNL JV recognises the strategic imperative to supplement funding of the NNPC/CNL JV operations to enable high-impact projects that can deliver near-term production.

“The NNPC/CNL JV is one of the largest producers and investors in Nigeria. CNL has operated in Nigeria for more than 60 years and we are committed to supporting the country in developing its energy resources for the benefit of its people. 

“CNL puts people at the centre of the energy conversation because it understands that the well-being of people everywhere depends on energy – energy that is affordable, reliable, and ever cleaner to enable human progress.”

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