The Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL), announced that $1. 4 billion in financing has been secured to pay for the joint venture’s infill drilling program between 2022 and 2026.
According to CNL, the financing agreement was finalized on November 30, 2022, and it pertains to the drilling of 37 wells in the onshore and offshore Escravos region.
Esimaje Brikinn, general manager of policy, government, and public affairs, stated that this project would support domestic gas supply. While also halting decline, which would help to monetise reserves and increase production.
The project supports a future with lower carbon emissions by providing more commercially viable gas resources. Which is in line with the lower carbon ambitions of the NNPC/CNL JV.