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Bloomberg
Nigeria’s state-owned oil company said it’s in talks with financiers to raise as much as $4.1 billion and will seek to sign service deals to increase production from three leases.
The Nigerian National Petroleum Corp, or NNPC, is in discussions with Lagos-based Sterling Oil Exploration & Energy Production Co to raise $3.15 billion and CMES-OMS Joint Venture Ltd for $991.1 million, the company said in a statement. The funds will be used to develop oil leases holding more than 400 million barrels of crude reserves, which are operated by the NNPC’s Nigerian Petroleum Development Co unit, it said.
Nigeria pumps 1.78 million barrels of oil a day while state oil company’s exploration and production unit averages about 240,000 barrels per day.