NNPC has signed $3bn oil, gas development deals – Baru

Dr Maikanti Baru, Group Managing Director, Nigerian National Petroleum Corporation, said the corporation had signed over three billion dollars in oil and gas development deals to ensure development in the sector.

Baru said this while speaking on investment in the oil and gas industry at the ongoing 7th OPEC International Seminar on Thursday in Vienna, Austria.

He said  that the deals were third party financing deals with international banks adding that oil revenue remained vital for building the nation’s economy. He also said the NNPC recognised the challenge as well as the opportunity oil demand growth presented for the country.

Baru said the NNPC had also executed a contractor financing deal of about 1 billion dollars with Schlumberger for the development of 250 Million Barrels of Oil Equivalent fields in the Niger Delta.

Source: Vanguard

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