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Wednesday, September 23, 2015
Nigeria’s state-run oil and gas firm, NNPC, secured a $1.2-billion multi-year drilling financing package for 36 oil wells under the NNPC and Chevron JV. The financing package will be funneled into the JV’s development of 23 onshore and 13 offshore wells on OMLs 49, 90, and 95.
NNPC Group General Manager, Group Public Affairs Division, Ohi Alegbe, said the wells would be developed in two phases over the next few years.
The fund was designed to supplement the government’s cash call commitment and is being financed by a consortium of Nigerian and International lenders. NNPC has been having a struggle coming up with its share of funds to cover the cost of exploration, development, and production of its resources.
Stage one of the project, which covers 19 wells, is projected to deliver 21,000 bpd of crude and condensate. Alegbe also stated that the first stage would also lead to the production of 120,000 Mmcf/d over 2015 and 2016.
“Stage two of the project which comprised of 17 wells is projected to yield 20, 000 bpd of oil and gas production of 7 Mmscf/d between 2016 and 2018,” he stated.
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