NNPC seeks $4.1 bln to raise output

ABUJA, January 21, 2019 – The Nigerian National Petroleum Corporation (NNPC) is in talks to raise up to USD 4.1 billion to develop blocks operated by its upstream arm, international media reported Saturday.


NNPC is looking to raise USD 3.15 billion from Sterling Oil Exploration & Energy Production and USD 991.1 million from CMES-OMS Joint Venture, Bloomberg reported. The financing would be used to raise production from blocks operated by NNPC subsidiary Nigerian Petroleum Development Company.

The NOC also aims to sign service agreements on three leases.

In July 2018, NNPC announced plans to raise production to 3 million bopd and encourage financing from the capital market for new projects.

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