About a week after the flagging of Northern Nigeria oil exploration, the Nigeria National Petroleum Company [NNPC] Ltd has secured a $1.4billion lending facility for Northern Hydrocarbon Funding Limited.
The agreement was sealed under the NNPC Limited/Chevron Nigeria Limited Joint Venture at the signing ceremony held in London.
Sixteen lenders were part of the consortium assembled by the Standard Chartered Bank and United Bank for Africa (UBA), whereas the signing deal was made in London on Tuesday under the NNPC/Chevron joint venture.
Speaking at the event, the NNPC executive vice president, upstream, Mr. Adokiye Tombomieye, thanked all sixteen lenders in the consortium for their confidence and commitment to the financing deal.
Tombomieye said their agreement to participate in the financing shows stakeholders’ confidence on the NNPC. “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 program, 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 to delivering true value to our esteemed Lenders in this regard.”
The NNPC chief said the funding will facilitate the NNPC’s commitment to sustainably meet today’s energy needs and deliver energy for the future.
He assured further that the NNPC Limited will continue to deliver value to all its stakeholders, including shareholders, lenders and the general Nigerian public.
“I will also like to close by emphasizing NNPC Limited’s commitment to consistently delivering value to all stakeholders, most notably Nigerians, our shareholders, our partners, and our lenders,” he said.
The northern Nigeria oil exploration is located at Kolmani oilfield, a border settlement between Bauchi and Gombe states. It will be jointly developed by NNPC Limited alongside Sterling Global Oil and New Nigeria Development Company.
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
He added, “While appreciating the role of our lenders in the great success of the programme, I will like to thank the Joint Finance Team for working tirelessly to deliver Project Panther. I will also like to recognise the effort of loan arrangers, the associated legal firms, and all other Project Panther stakeholders.
“I will also like to close by emphasizing NNPC Limited’s commitment to consistently delivering value to all stakeholders, most notably Nigerians, our shareholders, our partners, and our lenders.”
By Anayo Bosco