Nigeria's State oil company seeks $4.1bn to lift output
Nigeria’s State-owned oil company said it’s in talks with financiers to raise as much as $4.1-billion and will seek to sign service deals to increase production from three leases.
The Nigerian National Petroleum Corporation, or NNPC, is in discussions with Lagos-based Sterling Oil Exploration & Energy Production to raise $3.15-billion and CMES-OMS Joint Venture for $991.1-million, the company said in a statement. The funds will be used to develop oil leases holding more than 400-million barrels of crude reserves, which are operated by the NNPC’s Nigerian Petroleum Development unit, it said.
Nigeria pumps about 1.78-million barrels of oil a day while the State oil company’s exploration and production unit averages about 240 000 barrels per day. It wants to more than double daily output to 500 000 barrels and boost daily gas production to 1.5-billion standard cubic feet by next year.
The NNPC has paid $993.7-million of outstanding cash contributions by September to joint venture partners including Royal Dutch Shell, Total and Eni, it said in the statement. The company still owes $3.95-billion in arrears.
Last year, the NNPC signed financing agreements worth $2.3-billion with joint venture partners and other third parties, it said. It has also agreed to fund gas projects with Nigeria LNG, Africa’s biggest gas liquefier, for $2-billion, the company said.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.
VISIT SHOWROOM
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
