NNPC Receives N263 Billion Loan to Develop Oil Wells

The Nigerian National Petroleum Corporation (NNPC) on Sunday announced that it had secured a $1.2bn (N236 billion) multi-year drilling financing package for the development of 36 offshore and onshore oil wells under the NNPC/Chevron Nigeria Limited Joint Venture.

According to Punch, the corporation revealed the news via a statement.

Here are excerpts:

Breakdown of the NNPC/ Chevron JV deal, which was executed at a signing ceremony in London over the weekend, indicates that the $1.2bn is to be channelled into the development of 23 onshore and 13 offshore wells in OML 49, 90 and 95 in two stages over 2015 to 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 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 7mmscf/d between 2016 and 2018.