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NNPC Receives N263 Billion Loan to Develop Oil Wells

BellaNaija.com

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Emmanuel Kachickwu

Group Managing Director, NNPC, Emmanuel Kachikwu

The Nigerian National Petroleum Corporation (NNPC) on Sunday announced that it had secured a $1.2bn (N236 billion) multi-year drilling financing package for the development of 36 offshore and onshore oil wells under the NNPC/Chevron Nigeria Limited Joint Venture.

According to Punch, the corporation revealed the news via a statement.

Here are excerpts:

Breakdown of the NNPC/ Chevron JV deal, which was executed at a signing ceremony in London over the weekend, indicates that the $1.2bn is to be channelled into the development of 23 onshore and 13 offshore wells in OML 49, 90 and 95 in two stages over 2015 to 2018.

Stage one, comprising 19 wells, is projected to deliver 21,000 barrels of crude oil and condensate per day alongside 120 million standard cubic feet of gas per day over 2015 and 2016. Stage two, comprising 17 wells, is projected to yield 20,000 barrels of crude oil and condensate per day alongside gas production of 7mmscf/d between 2016 and 2018.

4 Comments

  1. okechukwu ofili

    September 21, 2015 at 2:38 pm

    Quick questions…
    Who is the loan from?
    What is the interest rate?
    What are the terms?
    Who approved this loan? Senate? Finance Minister? President? Petroleum Minister? Jesus?
    lastly, why are we taking out loans to drill wells in Nigeria … especially with the low oil prices?

  2. Okechukwu Ofili

    September 21, 2015 at 2:41 pm

    Quick questions…
    Who is the loan from?
    What is the interest rate?
    What are the terms?
    Who approved this loan? Senate? Finance Minister? President? Petroleum Minister? Jesus?
    Lastly, why are we taking out loans to drill wells in Nigeria … especially with the low oil prices that experts say might drop even lower?

    • nnenne

      September 22, 2015 at 12:49 am

      If you ask me, na who I go ask….in Omawumi’s voice.

  3. sisiet

    September 21, 2015 at 9:10 pm

    The cow master is both the Senate, Finance Minister, Petroleum Minister and President all jhoin. Tiffing without challenge. Some people will be balling right under the herdsman unchallenged. Everybody is busy chanting Sai, While Buhari is very busy looking for thieves, meanwhile, the real thieves are busy right under his nose. America is now firmly in charge of our oil. Buhari already pledged his life and Nigeria to America.This change is the biggest deception ever!!!!!

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