NNPC Secures $1.4bn Funding for One Billion Barrels Kolmani Field Development Project

One week after the presidential flag off of the Kolmani drilling, the Nigerian National Petroleum Company Limited (NNPC) yesterday sealed a $1.4 billion external project finance agreement jointly arranged by Standard Chartered Bank UK and the United Bank for Africa for the funding of the Kolmani Integrated Development project.

THISDAY learnt that the agreement was sealed under the NNPC Limited/Chevron Nigeria Limited Joint Venture at the signing ceremony held in London.

Speaking at the event, the NNPC Executive Vice President, Upstream, Mr. Adokiye Tombomieye, expressed delight at the overwhelming response of each of the 16 lenders participating in the financing programme.

He said their participation at the funding programme was a clear demonstration of the great confidence reposed in the NNPC by the market.

Tombomieye explained that while this level of interest was not new to offerings by the NNPCL/CNL Joint Venture, the fact that it was sustained at this time of very high uncertainties was remarkable.

He said, “I am glad to welcome you to the signing ceremony of

Project Panther, the $1.4 billion external project finance jointly arranged by Standard Chartered Bank UK and United Bank for Africa for Northern Hydrocarbon Funding Limited on behalf of the NNPC Limited/Chevron Nigeria Limited Joint Venture.

“We are truly delighted at the overwhelming response of each of the sixteen Lenders participating in this financing programme, a clear demonstration of the great confidence reposed in us by the market.

“While this level of interest is not new to offerings by the NNPCL/ CNL Joint Venture, the fact that is sustained at this time of very high uncertainties is indeed remarkable.

“It is obvious that our diligence in meeting debt service obligations especially during the height of the COVID-19 pandemic has not gone unnoticed by the market, and I will therefore like to affirm our commitment delivering true value to our esteemed Lenders in this regard.”

He stated further that in collaboration with its valued partners, the NNPC Limited was firmly committed to reliably delivering energy for today and energy for tomorrow with increasing focus on sustainability