The Group MD of Nigeria’s state-run firm NNPC, Maikanti Baru, revealed while speaking at an industry event that the firm’s upstream segment inked $26.9 billion investments. According to Baru, this shows a renewed confidence in the oil industry.
Baru spoke as special guest of honor at the Nigeria Oil Industry Award Dinner and Cocktail gala night organized by the Petroleum Technology Association of Nigeria (PETAN) on the sidelines of the Offshore Technology Conference in Houston said.
“In spite of the delay in the passage of the Petroleum Industry Bill, there is a renewed confidence in investing in the oil and gas industry. Each time we go out to raise finance, the appetite is quite good,” Bari said.
He went on to say that NNPC had already signed four financing deals on upstream development in support of its cash call exit.
“We are also closing some financing deals on forward sales of Federation and NPDC crude oil. In the area of contractor financing, the AKK projects has also been awarded. In total, we have raised $3.6 billion (for projects Chetah, Santolina, Falcon and the Schlumberger/First E&P FSA), we are raising $5.5 billion from crude forward sales and $2.8 billion for AKK projects. Just last week, Shell announced an investment inflow of $15 billion in gas and deep offshore developments.”