National Wire About Nigerians, Nigerian Business and Other Stories
The Nigerian National Petroleum Corporation said it had secured a total of $3.7 billion in alternative financing agreements in the last three years. The Group Managing Director, NNPC, Maikanti Baru, said securing external funding arrangement was crucial to sustaining oil and gas production in Nigeria and ensuring the survival of the country’s energy future.
He was quoted in a statement issued in Abuja by the corporation’s spokesperson, Ndu Ughamadu, as saying, “Within the last three years, we have embarked on several successful alternative funding programmes to sustain and increase the national daily production.”
Baru said the $3.7 billion financing included the $1.2 billion multi-year drilling financing package for 23 onshore and 13 offshore wells under the NNPC/Chevron Nigeria Limited Joint Venture termed: Project Cheetah; $2.5 billion alternative funding arrangement for NNPC/SPDC JV termed: Project Santolina; the $780 million NNPC/CNL JV termed: Project Falcon; as well as the $700 million NNPC/First E&P JV and Schlumberger agreement.
Photo Caption: Group Managing Director, NNPC, Maikanti Baru,
