MRS SubsidIary’s $300m Purchase Of Chevron Oil Block From NNPC Allows For The Supply Of 8,000 Crude Oil Barrels Per Day In Five Years.

Nigerian National Petroleum Company Limited (NNPCL) will supply 8,000 barrels of crude per day for four to five years using the $300 million that was used to purchase oil blocks from Chevron Corp.

According to Ajiya, Bestaf received a $300 million loan from Afreximbank to pay for the asset purchase by NNPC.

NNPCL’s most recent financial statements states a division of MRS Holdings Ltd Bestaf provided the $300 million to purchase two shallow-water licenses that Chevron was selling.

The deal was finalized in May, and the financing is backed by crude from fields that are currently producing within  NNPC’s portfolio, it said.