Nigeria in talks with financiers to raise $3.15bn to increase oil output

Nigeria’s state run oil corporation, the Nigerian National Petroleum Corporation (NNPC) says it’s in talks with third party financiers to raise as much as $3.15 billion to develop the country’s oil and gas reserves from Oil Mining Lease 13.

The NNPC is seeking financiers through its flagship subsidiary, the Nigerian Petroleum Development Company (NPDC), to fund its 416 million barrels of oil reserves project and to increase production by 94,000 barrels of oil per day.

The oil dependent economy is looking to increase its crude output to 500,000 barrels and raise gas production to 1.5 billion standard cubic feet daily 2020, the Minister of State for Petroleum Resources, Ibe Kachikwu, and the Group Managing Director, NNPC, Maikanti Baru, have said multiple times.

Nigeria says its targeting crude oil reserves increase from 37 billion barrels to 40 billion barrels by next year and sees $3.15 billion from third-party financiers to help achieve this, adding that the fund could help develop the country’s natural gas to 542 million standard cubic feet per day.

It is unclear who the financiers the NNPC are talking to at this time.