NNPC, Chevron sign $1.7bn gas production deal

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Gas plant

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have concluded the final phase of an Alternative Financing Agreement to increase crude production by about 39,000 barrels per day.

The agreement, signed in London, is also expected to achieve an incremental peak production of about 283mmscfd of gas, NNPC Group Managing Director, Dr Maikanti Baru, made the disclosure in a statement on Sunday.

The statement was issued by Mr Ndu Ughamadu, Group General Manager, Public Affairs Division  of NNPC.

Baru said the increment to be achieved by the agreement would spread “over the remaining life of the asset ( 2045).”

According to him, the project, which is about 92 per cent completed, will cost 1.7 billion dollars, with 780 million dollars and is expected to be funded by third-party.

He said it would produce natural gas liquids and condensate…

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