The Joint Finance Team of the Nigerian National Petroleum Corporation (NNPC) and its Joint Venture Partners, Chevron Nigeria Limited, were yesterday, named the winner of the Thomson Reuters/PFI Magazine ‘Africa and Middle East Oil Deal of the Year Award for 2015’, Vanguard reports.

The NNPC in a statement signed by its Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe, stated that the award is in recognition of the $1.2 billion multi-year drilling financing package for 36 Offshore/Onshore Oil wells under the NNPC/CNL Joint Venture initiated under the Accelerated Upstream Financing Programme executed at a signing ceremony in London in September, 2015.

He added that the award was in recognition for the effort at conceptualizing, structuring and delivering an over-subscribed deal in a challenging macro-economic environment. Alegbe stated that the package is projected to generate between $2 billion and $5 billion of incremental revenues to the Nigerian government over the life of the project, subject to the prevailing oil price in the upcoming years.