Nigeria's state oil company secures $1.2B financing package

The Nigerian National Petroleum Corp. (NNPC) has secured a $1.2 billion multi-year drilling financing package as part of NNPC’s joint venture with Chevron Nigeria Ltd., according to Reuters.

The package will be financed by a consortium of Nigerian and international lenders, supplementing its contribution to the joint venture, which will be operating 36 oil wells.

Reuters noted that the $1.2 billion package will be channeled into the development of 23 onshore and 13 offshore wells in two stages over the next three years.

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