Arab Today, arab today nigeria signs financing deal for 36 oil wells
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

To boost domestic power generation

Nigeria signs financing deal for 36 oil wells

Arab Today, arab today

Arab Today, arab today Nigeria signs financing deal for 36 oil wells

Nigeria's oil firm NNPC has signed a deal with lenders
Abuja - Arab Today

Nigeria's oil firm NNPC said Sunday it had signed a deal with a consortium of local and foreign lenders to develop 36 oil wells that would also boost domestic power generation in Africa's largest crude producer.

NNPC has secured "a $1.2 billion multi-year drilling and financing package for 36 offshore/onshore oil wells," the firm said in a statement.

The NNPC said the deal signed in London at the weekend would swell the country's coffers and help to maintain current production levels as well as replace depleting reserves.

Oil accounts for more than 90 percent of Nigeria's foreign exchange earnings but the nation's economy has been badly hurt by the fall in global oil prices since mid-2014.

The new government of President Muhammadu Buhari, which came to power in May, said it inherited an "almost empty" economy and is struggling to pay its bills.

Nigeria is Africa's largest oil producer, exporting some two million barrels per day and has crude reserves of 37.4 billion barrels.

The NNPC said the 36 oil wells would be developed in two stages from 2015 to 2018.

"Stage one comprising 19 wells is projected to deliver 21,000 barrels of crude oil and condensate per day alongside 120 million standard cubic feet of gas per day (mmscf/d), over 2015 and 2016," it said.

"Stage two, comprising 17 wells, is projected to yield 20,000 barrels of crude oil and condensate per day alongside gas production of seven mmscf/d between 2016 and 2018," it added.

The NNPC said the project would generate between $2 to $5 billion in revenue to cash-strapped Nigeria.

Beyond the contribution to the national treasury, the projected gas production -- the electricity equivalent of 400 megawatts -- "would help boost the federal government's domestic gas aspirations with ... (a) positive effect on power supply," it added.
Source: AFP

    

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nigeria signs financing deal for 36 oil wells Arab Today, arab today nigeria signs financing deal for 36 oil wells

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nigeria signs financing deal for 36 oil wells Arab Today, arab today nigeria signs financing deal for 36 oil wells

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday