NIGERIA: Chevron, NNPC Sign $1.4bn Financing Deal for Hydrocarbon Projects in Niger Delta

The Nigerian National Petroleum Company (NNPC) and Chevon’s subsidiary in Nigeria Chevron Nigeria have sealed  a $1.4 billion for “Project Panther” involving external project finance projects in the Niger Delta.

The project signed 29th November in London has jointly be arranged by Standard Chartered Bank UK and the United Bank for Africa (UBA) for the Northern Hydrocarbon Funding Limited with 16 lenders participating in the program.

“We are truly delighted at the overwhelming response of each of the sixteen Lenders participating in this financing program, a clear demonstration of the great confidence reposed in us by the market. While this level of interest is not new to offerings by the NNPCL/CNL Joint Venture, the fact that is sustained at this time of very high uncertainties is indeed remarkable,” said Adokiye Tombomieye, executive vice-president, upstream, NNPC Limited

Tombomieye added that NNPC’s continued payments during COVID-19 have led to the confidence by lenders and that the company is fully committed in delivering energy sustainably.


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