Chevron Nigeria Ltd. (CNL) says $1.4 billion financing has been secured to fund its joint venture infill drilling project from 2022 to 2026 with the Nigerian National Petroleum Corporation (NNPC).

CNL’s General Manager for Policy, Government and Public Affairs, Esimaje Brikinn, made the disclosure in a statement on Friday, adding that the financing arrangement was executed on November 30.

According to him, the project includes the drilling of 37 wells in the offshore and onshore Escravos area of Delta.

“This project will help to monetise 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 commercialisation,” he said.

The manager said that NNPC/CNL JV recognised the strategic imperative to supplement funding of the NNPC/CNL JV operations to enable high impact projects that could deliver near term production.

He reiterated that NNPC/CNL JV was 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,” Mr Brikinn said.

(NAN)