NNPC/CNL Joint Venture secures $1.4B financing for infill drilling program

Date:

Lagos, Nigeria. November 30, 2022: Chevron Nigeria Limited (“CNL”), operator of the joint venture between the Nigerian National Petroleum Corporation (“NNPC”) and CNL (“NNPC/CNL JV”) confirms that $1.4 Billion financing has been secured to fund the NNPC/CNL JV infill drilling program (“Project”) between 2022 to 2026. The financing arrangement was executed on Wednesday November 30, 2022.

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The Project includes the drilling of 37 wells in the offshore and onshore Escravos area.

This project will help to monetize reserves and increase production by arresting decline and supporting domestic gas supply. The Project is in alignment with the NNPC/CNL JV’s lower carbon ambitions and helps support a lower carbon future through increased gas resources for commercialization.

The NNPC/CNL JV recognizes the strategic imperative to supplement funding of the NNPC/CNL JV operations to enable high impact projects that can deliver near term production.

The NNPC/CNL JV is one of the largest producers and investors in Nigeria. CNL has operated in Nigeria for more than 60 years and we are committed to supporting the country in developing its energy resources for the benefit of its people.

CNL puts people at the center of the energy conversation because it understands that the well-being of people everywhere depends on energy – energy that is affordable, reliable, and ever cleaner to enable human progress.”

Adeniyi Ogunfowoke, The Naija247news
Adeniyi Ogunfowoke, The Naija247newshttps://naija247news.com/
**Senior Correspondent Profile: Adeniyi Ogunfowoke** Adeniyi Ogunfowoke is a seasoned Senior Correspondent at Naija247news.com, bringing a wealth of journalistic expertise to the dynamic landscape of news reporting. With an extensive background in the field, Adeniyi has consistently demonstrated a commitment to delivering insightful and compelling stories to Naija247news.com's diverse readership. **Professional Background:** Adeniyi Ogunfowoke has amassed a wealth of experience in journalism, having covered a myriad of beats over the years. His versatile reporting style reflects a deep understanding of socio-economic issues, politics, and global affairs, providing Naija247news.com readers with a comprehensive perspective on current events. **Areas of Expertise:** As a Senior Correspondent, Adeniyi specializes in investigative reporting, offering in-depth analyses that go beyond the surface of news stories. His keen eye for detail and ability to connect the dots in complex narratives make him an invaluable asset to Naija247news.com. **Notable Achievements:** Throughout his career, Adeniyi Ogunfowoke has received recognition for his outstanding contributions to journalism. His bylines have become synonymous with well-researched, informative, and thought-provoking articles that resonate with a broad audience. **Commitment to Excellence:** Adeniyi's commitment to journalistic integrity is evident in his dedication to delivering accurate and timely news. His work reflects the core values of Naija247news.com, emphasizing credibility, transparency, and a commitment to keeping the public well-informed. **Engagement and Impact:** In the digital era, Adeniyi understands the importance of engaging with readers. His articles not only inform but also spark conversations, fostering a sense of community and dialogue among Naija247news.com's audience. **Future Endeavors:** As a Senior Correspondent, Adeniyi Ogunfowoke continues to set high standards for journalistic excellence. His future endeavors include exploring emerging trends in media, staying ahead of the news curve, and contributing to Naija247news.com's ongoing success as a trusted source of information. Follow Adeniyi Ogunfowoke's insightful reporting on Naija247news.com for a nuanced understanding of current affairs, backed by experience, dedication, and a passion for uncovering the untold stories.

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