NNPC Strikes $8.441 Billion Joint Venture Deals With SEEPCO, Shell, Agip, Others

By / 1 year ago / Business, News / 30 Comments
NNPC Strikes $8.441 Billion Joint Venture Deals With SEEPCO, Shell, Agip, Others

-JV to Develop Oil Leases, Boosts Gas Production

In an effort to further consolidate the revenue profile of the Nigeria National Petroleum Corporation (NNPC), the Group Managing Director (GMD) Dr. Maikanti Baru and his management team have taken audacious steps to double investments base of the Corporation.
In the last 12 months, the state-owned oil company under Baru and its third-party financiers have agreed to raise a whopping $4.141 billion as well as a techinical agreement in three oil leases to help boosts oil and gas production respectively.
NNPC document cited by our correspondent, over the weekend showed that NNPC and Sterling Oil Exploration & Energy Production Company (SEEPCO) have signed a deal to raise $3.15 billion and $991.08 million from CMES-OMS Joint Venture Ltd respectively.
The document further revealed  that the funds are to develop oil leases 13, 65 and 111 operated by NNPC subsidiary Nigerian Petroleum Development Company (NPDC), that hold more than 400 million barrels of crude reserves.
NPDC currently averages about 240,000 barrels of oil daily and by these key investments,  the company seeks to more than double its daily output to 500,000 barrels and boost gas production to 1.5 billion standard cubic feet daily by 2020.
The NNPC document further revealed that the Corporation signed another major financing agreements worth $2.3 billion in 2018 year with joint venture partners and other third parties which include SPDC on the Santolina 111 project with estimate put at $500 million, the TEPNG Ikike development project estimated at $473.4 million, MPN SFD 11 with estimated cost of $1.3billion and Nigeria Agip Oil Company  (NAOC) Okpai 11 project deal estimated at $658.42 million.
The document showed that the NNPC agreed another deal of $2 billion for upstream gas projects with SPDC, TEPNG and NAOC to boost gas supplies to Nigeria Liquified Natural Gas (NLNG) Train T1-T6.
Source close to NNPC told our correspondent that Baru, following rewewd financial drive has raised a whopping $993.73 million to clear all outstanding cash call contribution, up to September 2018, to its joint venture partners including Royal Dutch Shell Plc, Total SA and Eni SpA, bringing the total payment to $3.945 billion with only $1billion outstanding.
These key investments are aimed at boosting the corporation’s financial base.This is a feat that has been lacking in the NNPC over the years,” the source said adding that “going forward, the management of the NNPC plans to increase investments and clear all its outstanding joint venture financial obligation in due course,” the source said.
“With these investments by NNPC in the last 12 months, it is obvious that those calling for the sale of NNPC and its subsidiaries have ulterior motives,” an NNPC top management told our correspondent, on Sunday. 
Subscribe
Notify of
guest
30 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
DANGOTE GROUP PLC
DANGOTE GROUP PLC
1 year ago

PROMO!!! PURCHASE DANGOTE CEMENT DIRECT FROM THE FACTORY AT A PROMO PRICE OF 13OO NAIRA PER BAG AND HAVE IT DELIVERED TO YOU ANYWHERE IN NIGERIA.

THIS IS ONLY FOR CUSTOMERS THAT ARE BUYING FROM 1OO BAGS,TRAILER LOADS OF 6OO BAGS, 9OO BAGS AND ABOVE.RICE IS ALSO AVAILABLE FOR 1O,OOO NAIRA PER 5OKG BAG.

CONTACT THE MARKETING MANAGER ( SHEHU ABUBAKAR) ON
O 8 1 3 3 5 4 9 O 5 5 FOR BOOKINGS AND ENQUIRIES.

viagra masculin
viagra masculin
4 months ago

Great – I should certainly pronounce, impressed with your website. I had no trouble navigating through all tabs as well as related info ended up being truly simple to do to access. I recently found what I hoped for before you know it at all. Quite unusual. Is likely to appreciate it for those who add forums or something, website theme . a tones way for your customer to communicate. Nice task. viagra sans ordonnance

doctor who will prescribe viagra
doctor who will prescribe viagra
4 months ago
viagra without a doctor prescription
viagra without a doctor prescription
4 months ago

I simply want to mention I am just newbie to blogging and site-building and truly loved your web blog. Very likely I’m likely to bookmark your site . You actually have exceptional articles. Appreciate it for sharing your blog. viagra generic

cbd oil
cbd oil
3 months ago

I procrastinate a lot and don’t manage to get nearly anything done. waiting for your further write ups thanks once again. cbd hemp oil for pain relief

is it ok to take xanax with lisinopril
is it ok to take xanax with lisinopril
3 months ago

Wow quite a lot of amazing information! buy lisinopril hctz online without

viagra for sale
viagra for sale
3 months ago

Cheers. Numerous posts. viagra without doctor prescription usa

canadian pharmacy king reviews
canadian pharmacy king reviews
3 months ago

Wow quite a lot of helpful information! canadian pharmacies online

viagra sans ordonnance
viagra sans ordonnance
3 months ago

Wow a lot of terrific data. pharmacie en ligne

cialis cost walmart
cialis cost walmart
3 months ago

With thanks. I value this. cialis over the counter at walmart

levitra sans ordonnance en pharmacie
levitra sans ordonnance en pharmacie
3 months ago

Kudos. Plenty of info. cialis prix

1001 pharmacie
1001 pharmacie
3 months ago

Wow lots of very good advice! viagra

cialis
cialis
3 months ago

Incredible quite a lot of awesome knowledge. acheter viagra sans ordonnance

best online canadian pharmacy
best online canadian pharmacy
3 months ago

Seriously many of superb tips. canadian pharmacy meds

viagra prices
viagra prices
2 months ago

Really many of useful material. viagra generic

viagra connect
viagra connect
2 months ago

Superb content. Kudos. viagra discount

viagra generic online
viagra generic online
2 months ago

You actually said that terrifically. viagra without a prescription

WimDaf
WimDaf
2 months ago
LisaDaf
LisaDaf
2 months ago
buy viagra online
buy viagra online
2 months ago

You actually suggested it effectively. viagra price

trackback
2 months ago

Google

Here are a few of the web pages we recommend for our visitors.

viagra walmart
viagra walmart
2 months ago

Nicely put. Thanks! walmart pharmacy prices

canadian pharmacy
canadian pharmacy
2 months ago

You actually stated this exceptionally well. canadian pharmacy

WimDaf
WimDaf
2 months ago
KiaDaf
KiaDaf
2 months ago
LisaDaf
LisaDaf
2 months ago
KiaDaf
KiaDaf
2 months ago
viagra 100mg
viagra 100mg
2 months ago

Awesome knowledge. Thanks. viagra generic

trackback

http://buycounterfeitmoneyonline.net

[…]Here are some of the sites we suggest for our visitors[…]

trackback
2 months ago

Dank vapes

[…]one of our guests not long ago recommended the following website[…]

trackback
2 months ago

Puppies near me

[…]we prefer to honor lots of other net sites around the net, even if they aren’t linked to us, by linking to them. Beneath are some webpages really worth checking out[…]

trackback

rottweiler puppies for sale near me

[…]just beneath, are various totally not related web pages to ours, on the other hand, they’re surely worth going over[…]

trackback

bullmastiff puppies for sale near me

[…]Here are some of the web pages we suggest for our visitors[…]

trackback

border collie puppies for sale in pa

[…]please take a look at the web-sites we follow, like this 1, as it represents our picks through the web[…]

viagra online generic
viagra online generic
2 months ago

You reported that effectively. viagra generic

trackback

german shepherd puppies for sale near me

[…]Wonderful story, reckoned we could combine a handful of unrelated information, nevertheless definitely worth taking a appear, whoa did a single study about Mid East has got far more problerms at the same time […]

WimDaf
WimDaf
2 months ago
trackback
2 months ago

hijama birmingham

[…]Sites of interest we have a link to[…]

trackback
2 months ago

Dank vapes

[…]very few web-sites that come about to become detailed beneath, from our point of view are undoubtedly very well worth checking out[…]

trackback
2 months ago

Buy weed online

[…]please go to the web-sites we adhere to, including this one, because it represents our picks from the web[…]

trackback
2 months ago

Dank vapes

[…]Here is a great Blog You may Discover Intriguing that we Encourage You[…]

trackback

snapdeal lucky draw helpline number 2020

[…]we prefer to honor lots of other world-wide-web web sites around the web, even though they aren’t linked to us, by linking to them. Below are some webpages worth checking out[…]

trackback
2 months ago

Buy marijuana online

[…]here are some links to web pages that we link to due to the fact we believe they may be worth visiting[…]

trackback

https://counterfeitmoneyforsale.online/

[…]just beneath, are many absolutely not associated web-sites to ours, having said that, they’re certainly worth going over[…]

trackback
2 months ago

automatic penis pump

[…]Here is a great Weblog You might Find Interesting that we Encourage You[…]

canadian pharmacy online
canadian pharmacy online
2 months ago

Excellent info. Thanks a lot. canadian pharmacy

trackback

http://www.rainbow.ipt.pw/News/cbd-gummies-for-pain/

[…]always a massive fan of linking to bloggers that I appreciate but don’t get lots of link enjoy from[…]

trackback
CBD
2 months ago

CBD

[…]please stop by the internet sites we follow, including this a single, as it represents our picks through the web[…]

trackback
CBD
2 months ago

CBD

[…]we prefer to honor numerous other web web sites around the net, even if they aren’t linked to us, by linking to them. Beneath are some webpages really worth checking out[…]

trackback
CBD
2 months ago

CBD

[…]although internet websites we backlink to below are considerably not associated to ours, we feel they may be truly really worth a go through, so have a look[…]

30
0
Would love your thoughts, please comment.x
()
x