The Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) at the weekend in London concluded the second and final phase of the $1.7 billion Alternative Financing Agreement.
The Group Managing Director of NNPC, Dr. Maikanti Baru, said the agreement would help to increase crude oil production in the country by about 39,000 barrels per day. He said the agreement was also expected to achieve an incremental peak production of about 283mmscfd of gas.
Baru added that the increment to be achieved by the agreement would spread “over the remaining life of the asset (until 2045).”
According to him, the project, which is about 92 per cent completed, will cost about $1.7 billion dollars, with $780 million dollars expected to be funded by third-party.
He added that it would produce natural gas liquids and condensate extracted from the Sonam and Okan fields located in OML 90 and 91 in the Niger Delta.