Nigerian National Petroleum in talks to secure up to $4.1 bln in funding

01/21/2019 10:53:00 AM (GMT)

Nigerian National Petroleum Corp. (NNPC), an oil company, is in talks to secure $3.15 billion from peer Sterling Oil Exploration & Energy Production Co.

In addition, NNPC also intends to secure $991.1 million from Nigerian peer CMES-OMS Joint Venture Ltd.

Nigerian National Petroleum said that it plans to use the funds to develop oil leases holding over 400 million barrels of crude reserves, which are operated by the company’s Nigerian Petroleum Development Co. unit.

In 2018, NNPC inked funding agreements worth $2.3 billion with joint venture partners and other third parties.

Nigerian National Petroleum Corp.

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