NNPC, Chevron sign $1.7bn deal for 39,000bpd


By Sebastine Obasi

THE Nigerian National Petroleum Corporation, NNPC, and Chevron Nigeria Limited, CNL, have executed the second and final phase of an Alternative Financing Agreement meant to increase crude oil production in the country by about 39,000 barrels per day.


The agreement, signed in London, weekend, is also expected to achieve an incremental peak production of about 283mmscfd of gas.

Group Managing Director of NNPC, Dr. Maikanti Baru, who signed on behalf of his corporation, said the increment to be achieved by the agreement would spread “over the remaining life of the asset, until 2045.”

He stated that the project, which is about 92 percent completed, is expected to cost about $1.7 billion, with $780 million expected to be funded by third-party, while it will produce natural gas liquids and condensate extracted from the Sonam and Okan fields located in oil…

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