NNPC/CNL JV secures $1.4b financing for infill drilling project

Chevron Nigeria Ltd (CNL), operator of the joint venture between the Nigerian National Petroleum Corporation (NNPC) and CNL (NNPC/CNL JV) confirms that $1.4 billion financing has been secured to fund the NNPC/CNL JV infill drilling program (project) between 2022 to 2026.

The financing arrangement was executed on Wednesday, November 30, 2022.

The project includes the drilling of 37 wells in the offshore and onshore Escravos area.

“This project will help to monetize reserves and increase production by arresting the 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 commercialization,” Esimaje Brikinn, General Manager, Policy, Government and Public Affairs, disclosed in a statement made available to journalists in Delta State.

According to him, “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.

Tribune Online reports that the NNPC/CNL JV is one of the largest producers and investors in the energy sector in Nigeria.

Brikinn further noted that CNL, having operated in Nigeria for more than 60 years, is “committed to supporting the country in developing its energy resources for the benefit of its people.”

He reaffirmed that “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.”

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NNPC/CNL JV secures $1.4b financing for infill drilling project