$1.4bn secured for Chevron, NNPC drilling project– Official

Chevron Nigeria Ltd. (CNL) says 1.4 billion dollars financing has been secured to fund the Nigerian National Petroleum Corporation (NNPC)/CNL Joint Venture (JV) infill drilling project from 2022 to 2026.

CNL’s, General Manager, Policy, Government and Public Affairs, Mr Esimaje Brikinn made the disclosure in a statement on Friday.

Brikinn said the financing arrangement was executed on Nov. 30, 2022.

According to him, the project includes the drilling of 37 wells in the offshore and onshore Escravos area of Delta.

“This project will help to monetise reserves and increase production by arresting decline and supporting domestic gas supply.

“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 commercialisation, “ he said.

The manager said that NNPC/CNL JV recognised the strategic imperative to supplement funding of the NNPC/CNL JV operations to enable high impact projects that could deliver near term production.

He reiterate that NNPC/CNL JV was 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.

“CNL puts people at the center of the energy conversation because it understands that the well-being of people everywhere depends on energy – energy that is affordable, reliable, and ever cleaner to enable human progress, “ Brikinn said.