Nnpc chevron sign 1 7bn deal increase crude gas production #comments

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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 gas production in the country.

The agreement, which was signed in Abuja, is aimed at boosting the country's oil and gas output and improving the nation's economy. The deal is expected to create thousands of jobs and generate significant revenue for the government.

Under the agreement, Chevron will invest $1.7 billion in the development of the Agbami field, which is located in the Niger Delta region. The field is expected to produce an additional 40,000 barrels of crude oil per day, bringing the total production to 200,000 barrels per day.

The deal also includes the development of the Agbami gas field, which is expected to produce an additional 200 million standard cubic feet of gas per day. The gas will be used to power power plants and provide energy for industrial processes.

The Minister of State for Petroleum Resources, Timipre Sylva, who signed the agreement on behalf of the Federal Government, said the deal was a major boost to the country's oil and gas sector.

"This agreement is a significant milestone in our efforts to increase oil and gas production in Nigeria," Sylva said. "It will create thousands of jobs, generate significant revenue for the government, and help to improve the nation's economy."

The Managing Director of Chevron Nigeria Limited, Jeff Ewing, said the company was committed to increasing its investment in Nigeria and contributing to the country's economic growth.

"We are committed to increasing our investment in Nigeria and contributing to the country's economic growth," Ewing said. "This agreement is a major step forward in our efforts to increase oil and gas production in the country."

The deal is expected to be completed within the next two years, and it is expected to have a significant impact on the country's economy.

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