$1.2 Billion Loan- Chevron Promises To Support FG On Reforms

Yemisi Izuora
America oil major, Chevron Nigeria Limited (CNL) has assured of its unflinching support to the ongoing reorganisation in the oil and gas sector which it hopes will overhaul the state owned oil company, the Nigerian National Petroleum Corporation (NNPC).

The company while reacting to the recently secured loan of $1.2 billion for development of 36 oil wells in its joint venture (JV) contract with the NNPC further pledged to support the Nigerian government’s objectives in the oil sector.

Spokesman of the CNL Deji Haastrup in a statement in Lagos obtained by Oriental News Nigeria declared, ” We are please to do what we can to help the administration succeed in its efforts to build a prosperous Nigeria”.

The statement further read, “Chevron Nigeria Limited (CNL), operator of the Nigerian National Petroleum Corporation/CNL Joint Venture (the NNPC/CNL JV) confirms that on September 17, 2015, it signed a loan agreement, in conjunction with NNPC, for the sum of up to $1.2 billion to fund a 36-well development program for the NNPC/CNL JV.

CNL commends the NNPC for recognizing the strategic imperative to supplement funding of the joint venture operations to enable high impact projects that can deliver near term production and bankable cash flow for the joint venture”.

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