NNPC AND CHEVRON SIGN $1.2 BILLION DEAL

The NNPC and Chevron have signed a $1.2 billion multi year drilling financing package for 36 oil wells under the NNPC and Chevron Nigeria Limited Joint Venture in London.
The funds are to be channeled into the development of 23 onshore and 13 offshore oil wells on OML 49, 90 and 95 in two stages over 2015 to 2018 supplementing the Federal Government's cash call commitment in the oil and gas sector. The funding package  according to the NNPC is being financed by a consortium of Nigerian and International Lenders as an integral part of the accelerated upstream financing programme initiated by NNPC. The project is expected to deliver 21,000 bpd and 120 million mmscf of gas per day.