Business

NNPC mulls $30bn surge to FG oil revenues, secures $3.8 bn FDI

The Nigerian National Petroleum Corporation (NNPC) has disclosed that the four major investments it recently embarked upon with key upstream joint venture partners are capable of providing incremental revenue to the national treasury by over $30 billion within the next 10 years.

Group Managing Director of the Corporation, Dr. Maikanti Baru, who disclosed this at the inauguration of the reconstituted NNPC Anti-Corruption Committee in Abuja on Monday, said that the investments which attracted a haul of close to $3.8 billion in foreign direct investments would serve as vehicle to fast-track the prevailing post Cash-Call exit era.

The GMD, a statement by Group General Manager, Group Public Affairs Division, Ndu Ughamadu, listed the critical Joint Venture alternative financing upstream investments to include: The $1.2 billion multi-year drilling for 36 offshore/onshore oil wells under the NNPC/Chevron Nigeria Limited, codenamed project Cheetah and the NNPC/First E&P JV and Schlumberger tripartite $800 million alternative funding agreement for the development of the Anyalu and Madu fields in the Niger Delta.

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