Chevron secures $1.4bn for NNPC/CNL JV drilling project

Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Corporation (NNPC) and CNL (NNPC/CNL JV), has secured $1.4 billion to fund the NNPC/CNL JV infill drilling programme between 2022 and 2026.

General Manager, Policy, Government and Public Affairs of CNL, E.O. Brikinn, said the financing arrangement was executed on Wednesday November 30, 2022.

The Project includes the drilling of 37 wells in the offshore and onshore Escravos area.

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Brikinn, in a statement made available to The Star on Friday, said this project will help to monetize reserves and increase production by arresting decline and supporting domestic gas supply.

“The Project is in alignment with the NNPC/CNL JV’s lower carbon ambitions and helps support a lower carbon future through increased gas resources for commercialization.

“The NNPC/CNL JV recognizes the strategic imperative to supplement funding of the NNPC/CNL JV operations to enable high impact projects that can deliver near term production.

“The NNPC/CNL JV is one of the largest producers and investors in Nigeria. CNL has operated in Nigeria for more than 60 years and we are committed to supporting the country in developing its energy resources for the benefit of its people.

“CNL puts people at the center of the energy conversation because it understands that the well-being of people everywhere depends on energy – energy that is affordable, reliable, and ever cleaner to enable human progress,” he said.

The Star