Exxon and NNPC Said to Seek $1.5 Billion for Nigerian Project
February 10, 2012, 9:49 AM ESTBy Louise Meeson and Stephen Gunnion
Feb. 9 (Bloomberg) -- Exxon Mobil Corp., the world’s largest energy company by market value, and state-owned Nigerian National Petroleum Corp. are seeking a $1.5 billion loan for a joint venture to develop offshore oil fields in Nigeria, according to three people with knowledge of the transaction.
Standard Chartered Plc and South African lenders Standard Bank Group Ltd and Nedbank Group Ltd. are among the banks involved in the deal, which is due to be signed in the next few weeks, according to the people, who declined to be identified because the terms are private.
Nigeria is Africa’s top oil producer and the fifth-biggest source of U.S. crude imports. Exxon, Royal Dutch Shell Plc, Chevron Corp., Total SA and Eni run joint ventures with NNPC that pump more than 90 percent of the country’s crude. Exxon subsidiary Mobil Producing Nigeria is the second-largest oil producer in the country, according to the company’s website.
NNPC spokesman Levi Ajuonuma didn’t answer calls seeking comment and Exxon spokesman Nigel Cookey-Gam in Nigeria couldn’t be reached by telephone and didn’t respond to an e-mail.
--With assistance from Elisha Bala-Gbogbo in Nigeria. Editors: Chapin Wright, Faris Khan
To contact the reporters on this story: Louise Meeson in London on lmeeson@bloomberg.net; Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net.
To contact the editor responsible for this story: Faris Khan at Fkhan33@bloomberg.net.
