Nnpc chevron sign 1 7bn deal increase crude gas production

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NNPC, Chevron Sign $1.7bn Deal to Increase Crude, Gas Production

The Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited have signed a $1.7 billion deal to increase crude oil and natural gas production in the country. The agreement is aimed at boosting the country's oil and gas output, which has been declining in recent years.

Under the deal, Chevron will invest $1.7 billion to increase production at its various oil and gas fields in Nigeria, including the Agbami, Escravos, and Okan fields. The investment is expected to add 100,000 barrels of oil per day (bpd) to Nigeria's crude oil production and 200 million standard cubic feet per day (mmscfd) to the country's natural gas production.

The deal is also expected to create thousands of jobs and stimulate economic growth in the country. The NNPC and Chevron will work together to implement the project, which is expected to be completed within the next three years.

The signing of the deal is a significant development for Nigeria, which has been struggling to increase its oil and gas production in recent years. The country's oil production has been declining due to a combination of factors, including aging infrastructure, theft, and sabotage.

The deal is also a major boost for Chevron, which has been operating in Nigeria for over 50 years. The company has a significant presence in the country, with operations in the Niger Delta region.

Overall, the signing of the $1.7 billion deal between NNPC and Chevron is a significant development for Nigeria's oil and gas industry, and is expected to have a positive impact on the country's economy.