Chevron Nigeria Limited, operator of the joint venture between the Nigerian National Petroleum Corporation and CNL has secured a $1.4bn financing to fund the NNPC/CNL JV infill drilling programme to run from 2022 to 2026.

A statement by CNL’s General Manager

Policy, Government and Public Affairs, Esimaje Brikinn on Friday, said the financing arrangement was executed on Wednesday November 30, 2022.

The project included the drilling of 37 wells in the offshore and onshore Escravos area.

According to the statement, the project would help to monetise reserves and increase production by arresting decline and supporting domestic gas supply, adding that the project aligns with the NNPC/CNL JV’s lower carbon ambitions, and helps support a lower carbon future through increased gas resources for commercialisation.

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

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 the firm said it was still 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”, the statement added.