Chevron, NNPC JV Secures $1.4 billion for Drilling Program in Nigeria

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A Joint Venture (JV) between Chevron subsidiary, Chevron Nigeria Limited (CNL), and the Nigerian National Petroleum Corporation (NNPC), has secured $1.4 billion to fund an infill drilling program which will include the drilling of 37 wells in the offshore and onshore Escravos are of the Niger Delta from 2022 to 2026.

Executed on 30 November, the financing arrangement will be used by the JV, which serves as one of the largest producers and investors in Nigeria, to monetize reserves and increase production by supporting domestic gas supply and arresting a decline in oil production.

“This project is in alignment with the NNPC and CNL JV’s lower carbon ambitions and help support a lower carbon future through increase gas resource commercialization,” stated CNL General Manager for Policy, Government and Public Affairs, Esimaje Brikinn, adding, “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.”

Brikinn acknowledged the project’s alignment to the JV’s lower carbon ambitions and its potential to support a lower carbon future through increased gas resource commercialization, while recognizing the imperative to supplement funding of the JV to enable high-impact projects that can deliver near-term production.

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Matthew Goosen

Matthew Goosen

Matthew Goosen is a Video Editor and Content Writer at Energy Capital & Power. He holds an Honours Degree in Film and Media Studies at the University of Cape Town and is currently undergoing his Masters Degree. Born in Pretoria and raised internationally, he has been living in Cape Town since 2013.

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