IFLR1000

NNPC/Chevron joint venture $1.2 billion financing

20/9/2015
Asset finance, Project finance
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$ 1.2 billion

Completed

20/9/2015

Overview:

  • A joint-venture between NNPC (Nigerian National Petroleum Corporation) and Chevron has secured $1.2 billion in financing from a syndicate of Nigerian and international lenders to develop 23 onshore and 13 offshore wells in Nigeria. 
  • The multi-year funding will finance two stages of development between 2015 and 2018 in OML (oil mining lease) 49, 90 and 95. 

Ben Naylor - Regional editor

Jurisdictions:

Bahamas
Nigeria

Deal types:

Asset finance
Project finance

Practice area:

Project finance

Governing laws:

England and Wales
Nigeria

Industry sector:

Oil and gas

Firms:
G Elias & Co

Party: Standard Chartered (Lender)

Party: United Bank for Africa (Lender)

Lawyer: Gbolahan Elias

Primera Africa Legal

Party: NNPC (Nigerian National Petroleum Corporation) (Borrower)

White & Case

Party: Standard Chartered (Lender)

Party: United Bank for Africa (Lender)

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