Nigeria's NNPC and Exxon unit to tap bond market by 2016

ABUJA/GENEVA Thu May 23, 2013 8:25am EDT

ABUJA/GENEVA May 23 (Reuters) - Nigeria's state oil company and a subsidiary of Exxon Mobil plan to tap the bond market by 2016 to fill a funding shortfall in their oil exploration joint venture, the companies said.

Exxon and the Nigerian National Petroleum Corporation (NNPC) operate a joint venture with a capacity of more than 550,000 barrels per day of crude oil, condensate and gas liquids.

"From the years 2013 to 2015, we will continue to use the external financing option, but by the year 2016 we would switch to the bond market as an alternative source of funding," Exxon Nigeria's Chief Financial Officer Segun Banwo was quoted as saying on NNPC's website on Thursday.

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