The Nigerian National Petroleum Corporation on Sunday announced that it had secured a $1.2bn (N236bn) multi-year drilling financing package for 36 offshore/onshore oil wells under the NNPC/Chevron Nigeria Limited Joint Venture.

According to the corporation, the funding is packaged by a consortium of indigenous and international lenders, and is an integral part of the Accelerated Upstream Financing Programme initiated by the NNPC to address the perennial challenge being experienced by the Federal Government in providing its counterpart funding for JV upstream activities.

The NNPC, in a statement issued by its Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe, said the initiative, apart from supplementing the country’s cash-call commitments, would also help in the maintenance of current production levels in the short term as well as in replacing depleting foreign reserves.

Read More: punchng