Nigerian National Petroleum Corp. says execution of the final phase of an alternative financing agreement with Chevron Corp. will boost production in Nigeria by 39,000 b/d of oil and 283 MMscfd of natural gas.
The companies reached an agreement earlier this year for third-party finance totaling $780 million to complete the $1.7-billion development of Sonam and Okan gas and condensate fields in the Niger Delta. The funding includes $380 million to cover NNPC’s cash-call obligations to the NNPC-Chevron Nigeria Ltd. joint venture (OGJ Online, Aug. 4, 2017).
Nigerian commercial banks agreed to fund $400 million in a first stage of funding closed in August. International commercial banks will provide $380 million in the newly closed second stage.