Nigerian government has signed financing deals with oil majors Shell and Chevron.
The state-run oil firm reveals the two sets of alternative financing agreements on the Joint Venture (JV) projects to boost reserves and production in line with government’s aspiration, were executed in London on Monday.
Nigerian National Petroleum Corporation (NNPC) added that the two projects are expected to generate incremental revenues of about $16 billion within the assets’ life cycle.
This includes a flurry of exploratory activities that would generate employment opportunities in the industry, boost gas supply to power and rejuvenate Nigeria’s industrial capacity utilisation.
Nigeria is aiming to ramp up reserves, output and boost revenue in the face of dwindling oil earnings.
Low oil prices since mid-2014, worsened by outages after militant attacks on facilities, have cut production and hammered revenue.