{"id":69317,"date":"2019-09-22T13:26:29","date_gmt":"2019-09-22T12:26:29","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=69317"},"modified":"2019-09-22T13:26:29","modified_gmt":"2019-09-22T12:26:29","slug":"nigeria-to-earn-fresh-6-35bn-in-taxes-royalties","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/nigeria-to-earn-fresh-6-35bn-in-taxes-royalties\/","title":{"rendered":"Nigeria to Earn Fresh $6.35bn in Taxes, Royalties"},"content":{"rendered":"
\n
….As NNPC Concludes $875.75m Alternative Financing Package for OML 65 Expansion<\/div>\n
\n
\nThe push by the Management of the Nigerian National Petroleum
\nCorporation (NNPC) to increase crude oil production and grow the
\nnation\u2019s revenue profile gained momentum with the closure of $875.75m
\nalternative financing deal for the Nigerian Petroleum Development
\nCompany (NPDC) operated OML 65 through the Funding and Technical
\nServices Agreement with CMES-OMS Petroleum Development Company (CPDC).<\/p>\n

A release by NNPC Group General Manager, Group Public Affairs Division,
\nMr. Ndu Ughamadu, stated that NNPC Chief Financial Officer, Mr. Umar
\nAjiya, disclosed that the project, which scope cuts across exploration,
\ndevelopment, production and provision of facilities with incremental
\nfirst oil targeted for Q4 2020, was estimated to have potential reserves
\nof 800 million barrels of oil equivalent (mmboe) with an ultimate
\nrecoverable reserve of 244 mmboe and cumulative production of 44mmboe
\nfrom the Abura Main and Abura SE fields.<\/p>\n

Mr. Ajiya explained that over the project\u2019s life, it was expected to
\ngenerate over $6.35bn in taxes and royalties to the Federation to
\nsupport Government\u2019s medium to long term economic development agenda<\/p>\n

Speaking at the closing meeting with the financing partners in Dubai,
\nUnited Arab Emirates, Mr. Ajiya, described the contractor financing
\nmodel as an innovative approach by NPDC to funding its operations in
\nresponse to the challenging economic environment, saying the approach
\nwould fast-track the development of NPDCs under-developed assets.<\/p>\n

He informed that the project was expected to ramp up production at OML
\n65 from 900barrels per day to 60, 000 barrels per day with average
\nproduction over field life at 40,000 barrels per day.<\/p>\n

Throwing more light on the financing strategy, the CFO explained that
\nthe package entailed comprehensive financing solution that addresses the
\ncomplex issues involved in growing NPDC\u2019s production, minimizes its cost
\nof capital, and maximizes its value preservation, adding that it also
\nstrikes a balance between risk and reward which gives investors a rate
\nof return that is commensurate with funding a brownfield project which
\nhas significant exploration risk.<\/p>\n

He said the expectation was that this collaboration between NPDC and
\nCPDC would translate in real terms to the efficient execution of the
\nscope of activities for the optimal development of the OML 65 Asset
\nwithin cost and schedule, whilst maximizing value to all the
\nstakeholders.<\/p>\n

He said it was projected that the collaboration would enhance
\noperational and financial performance strictly guided by the pre-agreed
\nKey Performance Indicators (KPIs) which remains critical for determining
\nincentive payment due to CPDC.<\/p>\n

On CPDC\u2019s right to provide technical services, the CFO listed the field
\nof consideration in this regard to include: drilling and completion
\nservices; building capacity and technology transfer; generating
\nemployment opportunities for youths with attendant positive multiplier
\neffect on the nation\u2019s economy, among other considerations.<\/p>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

….As NNPC Concludes $875.75m Alternative Financing Package for OML 65 Expansion The push by the Management of the Nigerian National Petroleum Corporation (NNPC) to increase crude oil production and grow…<\/p>\n","protected":false},"author":1,"featured_media":67563,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-69317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nNigeria to Earn Fresh $6.35bn in Taxes, Royalties - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/nigeria-to-earn-fresh-6-35bn-in-taxes-royalties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria to Earn Fresh $6.35bn in Taxes, Royalties - 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