• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, July 5, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

NNPC in deal to increase daily oil production

The Matters Press by The Matters Press
July 24, 2019
Reading Time: 2 mins read
0
Kenya hits the globe for oil investment

Oil

Oil

The Nigeria National Petroleum Corporation (NNPC) has received a boost to increase daily oil production to three million barrels per day as it signed a $3.15 billion Financing and Technical Services Agreement (FTSA).

RELATED POSTS

Atiku’s mockery of Nigeria over Trump’s invitation to 5 African nation, a display of poor knowledge of global affairs

Nigeria’s new flood insurance policy laudable, needs quick application, says TMSG

Nigeria’s approval of dual NCE, B.Ed degrees in 15 colleges of education a good omen

NNPC signed the deal with Sterling Oil Exploration and Energy Production Company Limited (SEEPCO) and the exploration and production arm of NNPC, the Nigerian Petroleum Development Company (NPDC), for the development of Oil Mining Lease (OML) 13.

OML 13 is 100 per cent owned by the NPDC and is located in the eastern axis of the Niger Delta covering a total area of 1987km².

The NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, quoted Kyari as describing the funding arrangement as “a game changer to oil and gas project financing in Nigeria”.

Kyari, who was represented by the corporation’s Chief Operating Officer (COO), Upstream, Mr. Roland Ewubare, thanked the president for approving the transaction, adding that OML 13 held strong potentials both for the petroleum industry and the nation’s economy.

He said the federal government was expected to earn over $10.2 billion in royalties and taxes from the project over the next 15 years, while NNPC would earn over $5 billion after payment of the entire financing obligation.

According to Kyari, the acreage boasts of over 926 million stock tank barrels (mmstb) and 5.24 trillion cubic feet (tcf) respectively of oil and gas reserves.

He added that the Financing and Technical Services Agreement is for a period of 15 years, the $3.15 billion ceiling funding would be provided by SEEPCO with a 10-year capital investment period and five years for cost recovery.

First oil of about 7,900 barrels per day is expected from the project by April 1, 2020, while production is expected to peak at 94,000bpd and 542mmscfd within four years.

On local content, the project is expected to enhance participation by indigenous companies in the industry by providing over 2,000 direct and indirect job opportunities.

Chairman of Sterling Oil Exploration and Energy Production Company Limited, Mr. Tony Chukwueke, expressed delight at the opportunity offered the company to support the production and reserves growth aspiration of the federal government.

Tags: NNPC
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Drop your frustration, let President Tinubu be, Group picks on Atiku
Economy/Technology

Atiku’s mockery of Nigeria over Trump’s invitation to 5 African nation, a display of poor knowledge of global affairs

July 5, 2025
Veritas Kapital’s total assets hit N21.4bn
Economy/Technology

Nigeria’s new flood insurance policy laudable, needs quick application, says TMSG

July 4, 2025
Salvaging basic education from ruins of Boko Haram war in Borno
Economy/Technology

Nigeria’s approval of dual NCE, B.Ed degrees in 15 colleges of education a good omen

July 3, 2025
Group hails Presidential Council initiative, welcomes President Tinubu’s N2tn stabilisation package
Economy/Technology

Nasarawa showcases efficient use of fuel subsidy savings, exposes futility of Tinubu’s opposition’s mischief – TDF

July 1, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

Transformational in FCT in line with Tinubu’s Renewed Hope agenda

June 30, 2025
China’s agricultural wholesale products prices continue to drop
Agriculture

Ignore Atiku’s claim to dilute historic mechanised farming deal with Belarus

June 29, 2025
Next Post
Magu, EFCC boss stings UK over Alison-Madueke

Magu, EFCC boss stings UK over Alison-Madueke

Minimum wage a reality – Labour

NLC spoiling for war over minimum wage

Recommended Stories

Iran invests $1.2bn in free trade zones

IFC’s $50m equity investment in Lagos Free Zone is a vote of confidence on reforms in Nigeria

March 5, 2025
Osinbajo takes tradermoni to Lagos

Traders besiege Osinbajo in Lagos

November 13, 2018
NSIA, Agency in deal on solar power

Nigeria to address power deficit using alternative sources

March 14, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Atiku’s mockery of Nigeria over Trump’s invitation to 5 African nation, a display of poor knowledge of global affairs
  • Nigeria’s new flood insurance policy laudable, needs quick application, says TMSG
  • Nigeria’s approval of dual NCE, B.Ed degrees in 15 colleges of education a good omen

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us