A Review of the Nigerian Energy Industry

Chevron Nigeria affirm $1.2bn loan agreement with NNPC

Chevron Nigeria Office.
*Chevron Nigeria Office.

*For 36-well Development Program

23 September 2015, Sweetcrude, Lagos – Chevron Nigeria Limited, CNL, operator of the Nigerian National Petroleum Corporation/CNL Joint Venture (the NNPC/CNL JV) confirms that on September 17, 2015, it signed a loan agreement, in conjunction with NNPC, for the sum of $1.2 billion to fund a 36-well development program for the NNPC/CNL JV.

This was contained in a statement released by Mr. Deji Haastrup, Chevron Nigeria Limited’s General Manager, Policy, Government and Public Affairs.

“CNL commends the NNPC for recognizing the strategic imperative to supplement funding of the joint venture operations to enable high impact projects that can deliver near term production and bankable cash flow for the joint venture.

“We support the Nigerian government’s objectives, and are please to do what we can to help the administration succeed in its efforts to build a prosperous Nigeria.”

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