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.
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