Nigeria To Earn Fresh $6.35bn In Taxes, Royalties – NNPC

Nigeria To Earn Fresh $6.35bn In Taxes, Royalties – NNPC.

The push by the Management of the Nigerian National Petroleum Corporation to increase crude oil production and grow the nation’s revenue profile gained momentum with the closure of $875.75m alternative financing deal for the Nigerian Petroleum Development Company -operated OML 65 through the Funding and Technical Services Agreement with CMES-OMS Petroleum Development Company .

Mr. Ajiya explained that over the project’s life, it was expected to generate over $6.35bn in taxes and royalties to the Federation to support Government’s medium to long term economic development agenda. Throwing more light on the financing strategy, the CFO explained that the package entailed comprehensive financing solution that addresses the complex issues involved in growing NPDC’s production, minimizes its cost of capital, and maximizes its value preservation, adding that it also strikes a balance between risk and reward which gives investors a rate of return that is commensurate with funding a brownfield project which has significant exploration risk.

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