Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home General News

NNPC, CPDC sign $875.75 million deal

Joseph Olaoluwa by Joseph Olaoluwa
September 23, 2019
in General News
NNPC, CPDC
Share on FacebookShare on TwitterShare on Linkedin

The Nigerian National Petroleum Corporation (NNPC) and CMES-OMS Petroleum Development Company (CPDC) have signed a $875.75 million deal for funding, technical services and alternative financing of the Oil Mining Lease (OML) 65 operated by the Corporation.

This was revealed in a statement by the spokesperson of NNPC, Ndu Ughamadu.

The Details: The deal was signed by the Chief Financial Officer, NNPC, Umar Ajiya, on behalf of the corporation. He said the deal would provide a comprehensive financing solution to every complex issue affecting NPDC’s production. The deal is targeted at reducing cost of capital while maximizing value preservation.

The CPDC has a right to provide technical services, which include drilling and completion services, building capacity and technology transfer, and generating employment opportunities for youths.

[READ MORE: Why NNPC may sack depot managers]

Impact: The deal is expected to create a positive multiplier effect on the nation’s economy, among other considerations. Ajiya noted that the collaboration between the NPDC and CPDC would translate in real terms to the efficient execution of the scope of activities for the optimal development of the OML 65 asset within cost and schedule, while maximising value to all the stakeholders.

Nigeria's crude

The project would increase the production of OML 65 from 900 barrels per day to 60,000 barrels per day, with an average production over field life at 40,000 barrels per day. It is also meant to fast-track the development of the NPDC’s underdeveloped assets.

The statement added that the project was expected to generate over $6.35 billion in taxes and royalties to the federation to support government’s medium to long-term economic development agenda.

A Nairametrics report stated that the NNPC would commence full rehabilitation of the nation’s three refineries by January 2020. According to the Group Managing Director of NNPC, Malam Mele Kyari, the rehabilitation is part of his strong determination and commitment to ensure that the nation’s refineries deliver real time value and address the petroleum needs of Nigerians.

[READ ALSO: NNPC reveals why it won’t renew oil block licenses for IOCs]

Related

Tags: CMES-OMS Petroleum Development Company (CPDC)Ndu UghamaduNigerian National Petroleum Corporation (NNPC)OML 65

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Access Bank
Bankers Committee
Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets
First bank





    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • DiamondXtra Season14: Access Bank to splash N270m and Free Digital Marketing Training for 14,000 Customers
    • Wema Bank emerges ‘Best Overall Investor Relations’ brand at NIVA awards 2022
    • Buhari to determine fate of returning ministers who dropped political ambitions – Lai Mohammed

    Follow us on social media:

    Recent News

    DiamondXtra Season14: Access Bank to splash N270m and Free Digital Marketing Training for 14,000 Customers

    DiamondXtra Season14: Access Bank to splash N270m and Free Digital Marketing Training for 14,000 Customers

    May 18, 2022
    Wema Bank emerges ‘Best Overall Investor Relations’ brand at NIVA awards 2022

    Wema Bank emerges ‘Best Overall Investor Relations’ brand at NIVA awards 2022

    May 18, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
    • Economy
      • Macro-Economic News
      • Get Data
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com