White & Case Advises on Nigeria's Oil Debt Programme
Global law firm White & Case LLP has advised Nigerian National Petroleum Corporation (NNPC), The Shell Petroleum Development Company of Nigeria Limited and Total E&P Nigeria Limited, as sponsors, on a US$1 billion financing for development activities in 30 oil fields across 12 oil mining leases under the NNPC's oil debt programme.
The programme aims to boost reserves and production and monetize the nation's resources in line with the Nigerian government's plans.
"This is a hugely significant step for the Nigerian oil & gas sector," said London-based White & Case partner Jason Kerr, who co-led the Firm's deal team. "It demonstrates to the international and domestic markets that a private sector financing of this scale, with a significant national economic impact, can be closed successfully by NNPC and its JV partners. For White & Case it underlines our strong and established relationship with Nigeria, where we have advised on many significant projects in the oil & gas sector."
The financing was provided by a diverse group of international and leading Nigerian commercial banks and followed an innovative dual borrower forward sale structure with both US dollar and Naira-denominated debt.
The White & Case team which advised on the transactions was led by partners Jason Kerr, Saul Daniel (both London) and Gareth Hodder (Johannesburg), with support from counsel Meredith Campanale (London), associates Adrian Lawrence, Gabriel Onagoruwa (both London) and Judith Olloh (Abu Dhabi) and trainee lawyers Juanita Derex-Briggs and Hannah Nicholson.
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