The Nigerian National Petroleum Corporation (NNPC) says it has signed a 875.75 million dollar funding and technical services agreement and alternative financing deal for the Nigerian Petroleum Development Company(NPDC) operated Oil Mining Lease (OML) 65.

Mr Ndu Ughamadu, who represented the Corporation in Abuja said it signed the deal with CMES-OMS Petroleum Development Company (CPDC).

Mr Umar Ajiya, The Chief Financial Officer of the NNPC ,who signed for corporation explained that the package entailed comprehensive financing solution that addresses the complex issues involved in growing NPDC’s production.
He also added that it would help minimise its cost of capital, and maximize its value preservation.

On CPDC’s right to provide technical services, he listed the field of consideration in this regard to include:

drilling and completion services;
building capacity and technology transfer;
generating employment opportunities for youths.


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