Commentary on the Accelerated Upstream Financing Programme (AUFP)

The Nigerian National Petroleum Corporation (NNPC) has introduced the Accelerated Upstream Financing Programme (AUFP) through which it has secured a US$1.2 billion multi-year drilling financing package from a consortium of indigenous and international lenders to fund drilling in 36 offshore and onshore wells, to cover NNPC’s 60% share of the drilling operations in fields jointly…