Nigeria secures $1.2 bln for drilling

LAGOS, September 21, 2015 – The Nigerian National Petroleum Corporation (NNPC) has secured $1.2 billion in financing for the development of 36 new wells.

The state oil company of Africa’s largest producer said on Sunday that it had signed a financing deal with a consortium of local and foreign lenders.

The NNPC said it will drill 36 offshore and onshore wells between 2015 and 2018.

The company expects that the first stage of the project to deliver 21,000 barrels of oil and condensate per day, as well as 3.4 mcm (120 mcf) of gas per day, over 2015-2016 with 19 wells drilled.

A second stage to develop a further 17 wells is slated to produce 20,000 barrels of crude and condensate and 198,200 cubic metres (7 mcf) of gas per day between 2016 and 2018.

The NNPC’s drilling programme will be conducted as a joint venture with Chevron.

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