NNPC: $1.4bn Investment in Northern Hydrocarbons to Yield $6bn Revenue in 20 Years – THISDAYLIVE

  • 📰 THISDAY LIVE
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

NNPC: $1.4bn Investment in Northern Hydrocarbons to Yield $6bn Revenue in 20 Years Emmanuel Addeh in Abuja The $1.4 billion external project finance agreement jointly arranged by the Standard Chartered Bank, UK, and United Bank for

The $1.4 billion external project finance agreement jointly arranged by the Standard Chartered Bank, UK, and United Bank for Africa for Northern Hydrocarbon Funding Limited, would yield revenue of $6 billion in 20 years, the Nigerian National Petroleum Company Limited has said.

According to Ajiya, the loan facility portended that financing institutions now have some level of confidence in the sector following the enactment of a new framework under the Petroleum Industry Act . “This $1.4 billion is aimed at utilisation of drilling of 37 development wells, oil and gas. As a consequence, all the gas that will come out of this development will be diverted to the domestic market which goes in line with our energy transition plan.

Through the Project Panther deal, Ajiya said all produced gas will be routed to meet domestic supply obligation, thereby supporting Nigeria’s energy transition agenda through increased gas production. The NNPC top official explained that the expected peak rate of the project was projected to be 85 MMSCFD of gas by 2026.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nigeria’s free trade zones attract $46.4bn investment - Punch NewspapersThe most widely read newspaper in Nigeria
Source: MobilePunch - 🏆 8. / 63 Read more »