The Northern Hydrocarbon Funding Limited has a $1. 4 billion external project finance arrangement, according to the Nigerian National Petroleum Company (NNPC) Limited. The deal, known as Project Panther (under the joint venture between NNPC Limited and Chevron Nigeria Limited), was signed in London.
United Bank for Africa and Standard Chartered Bank UK worked together to organize the transaction (UBA). Project Panther will cover 10 fields in OMLs 49, 90, and 95, according to NNPC.
Umar Ajiya, NNPC’s chief financial officer, said the project would produce gas that would be routed to meet domestic supply obligations, thereby supporting Nigeria’s energy transition agenda through increased gas production.
According to him, Project Panther is expected to increase production of the NNPCL/CNL joint venture, covering 37 development wells which are made up of 31 oil producers, one gas well and five water injectors spread across ten NNPCL/CNL JV fields from 2022 to 2026.