Hopes for renewed oil investment which has been on the decline for some years may have been rekindled again with the Nigerian National Company (NNPC) Limited and Chevron (‘’CNL’’) Joint Venture sealing a $1.4 billion deal to finance some of their projects.
The project includes the drilling of 37 wells in the offshore and onshore Escravos area. It will also help to monetize reserves and increase production by arresting decline and supporting domestic gas supply.
This amount is to be used by the NNPC/CNL JV to fund infill drilling program or projects for the fiscal years 2023-2026 The financing arrangement was executed on Wednesday, November 30, 2022.
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 recognizes the strategic imperative to supplement funding of the NNPC/CNL JV operations to enable high impact projects that can deliver near term production.
A statement by the General Manager, Policy, Government and Public Affairs, Chevron Nigeria Limited, Esimaje Brikinn, said, 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.
