Nigerian National Petroleum Corporation (NNPC)/Chevron JV and NNPC/Total JV

Advised the Nigerian National Petroleum Corporation (NNPC)/Chevron JV and NNPC/Total JV in connection with the monetization and commercialization of the Tubu and Ima Fields in OML 52 and OML 112 respectively.
Advised NNPC/Chevron JV in respect of the unitization of the Assa North-Ohaji South gas fields project.
Sponsors’ Counsel in connection with a US$1.2bn forward sale and financing transaction, by the NNPC/Chevron JV, of a two staged multi-year drilling and development programme in relation to 36 (23 onshore and 13 offshore) oil wells located in 7 oilfields (4 onshore and 3 offshore) lying within OMLs 49, 90 and 95. The transaction won the prestigious Thomson Reuters/PFI Magazine “Africa and Middle East Oil Deal of the Year Award 2015”. The project is expected to deliver an additional 41,000 barrels of crude oil per day and projected peak incremental production of 127 million standard cubic feet of gas per day (mmscfd), with estimated $2-5billion of incremental revenues to the Nigerian government.
Acting for NNPC/Chevron JV, as sponsors’ Nigerian transaction counsel, we are advising in relation to the financing (by international and Nigerian lenders) of the production of liquefied petroleum gas as well as field and plant condensates.
Advising NNPC in connection with its incorporated joint venture (IJV) arrangement with some of its unincorporated joint venture (UJV) partners. Our Firm’s mandate includes a review of the correct UJV structure and identification of challenges associated therewith; analysis of the proposed IJV model and identification of challenges associated with its implementation; and proffering solutions on steps required to overcome any identified implementation impediment and challenges.
Advised NNPC in connection with a US$350,000,000 (Three Hundred and Fifty Million United States Dollars) Nigerian Content Support Fund, granted to provide financial support to qualifying Nigerian Oil Services Providers to enable them carry out their contractual obligations to NNPC and the IOCs.