NNPC subsidiary NPDC is supposed to be a self-sufficient operator but still lacks that capability
NNPC seeks funds, eyes upstream expansion
The Nigerian state oil firm is seeking to raise billions as it attempts to become a commercial entity and as IOCs look to divest assets in the country
Multilateral African finance institution Afreximbank has agreed to help Nigeria’s state-owned NNPC raise $5bn “to support our upstream businesses and facilitate energy supply and transition”, NNPC says. Afreximbank is likely to arrange the financing, rather than provide the bulk of the $5bn itself. There is a “strong possibility” that the capital required will come from sources, such as in the Middle East or Asia “outside of the traditional Western lenders”, says Obo Idornigie, vice-president for sub-Saharan Africa at market intelligence firm Welligence Energy Analytics. “Domestic banks are maxed-out, [and] international banks are stepping back from the upstream oil sector,” says Gail Ander
Also in this section
9 September 2024
We pick up the story of the history of oil with the response of consumer countries to the 1973 embargo, with the creation of the IEA proving the adage that every action has a reaction
9 September 2024
Continuing our 90th anniversary deep dive into the history of oil, the first part of our second chapter covers the post-war world and the beginnings of OPEC
9 September 2024
While greater focus on decarbonisation is likely, economic pressures and huge debt burden could squeeze energy policy ambitions
5 September 2024
The 20th century’s two global conflicts made clear the geopolitical importance of oil, while Russia and Saudi Arabia joined the US as hydrocarbons superpowers
