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MPNUMobil Producing Nigeria Unlimited
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Mobil Producing Nigeria Unlimited (MPN), a JV of ExxonMobil and the state-owned Nigerian National Petroleum Corps (NNPC), has discovered a rich gas condensate field in Oil Mining Licence (OML) 104, some 75 km Nigeria's Akwa Ibom state.
The company has commenced a USD1.3 billion project in Nigeria that will be operated by Mobil Producing Nigeria Unlimited, a company affiliate.
In April 2004, the state government established the Ibom Rice Project in partnership with Mobil Producing Nigeria Unlimited and the US company, Midland Rice.
In a context where securitisations are still virtually non-existent in Africa (with the exception of South Africa), and bonds still the exception (with north African countries, Mauritius and, more recently, Botswana leading the way), the export-receivables securitisation closed in February 1996 by CS First Boston for Mobil Producing Nigeria Unlimited (MPN) received, paradoxically, the "Deal of the Year" award from the magazine Project and Trade Finance.
Mobil Producing Nigeria Unlimited (MPN) has an output of 600,000 b/d of crude oil and 100,000 b/d of condensate.