Chinese oil corporation to invest $3bn in Nigeria

 

 

The China National Offshore Oil Corporation (CNOOC) is to invest an additional three billion dollars in its existing stakes in offshore oil and gas operations in Nigeria.

The Nigerian National Petroleum Corporation (NNPC) spokesman Mr Ndu Ughamadu, who made this known in a statement on Sunday in Abuja, the nation’s capital explained that the Chief Executive Officer of the Beijing-based Corporation, Mr Yuan Guangyu, made the pledge when he led a team of CNOOC top executives on a visit to the NNPC.

“Guangyu described its investment in Nigeria as the most strategic important overseas business undertaking and its largest investment destination. He said CNOOC had invested more than 14 billion dollars in its Nigerian operations, even as he called on the management of the NNPC to seek common grounds of beneficial interest with CNOOC for enhanced productivity,’’ Ughamadu said.

The Group Managing Director of NNPC, Dr Maikanti Baru commended the CNOOC for its interest in the Nigerian oil and gas industry.

Baru said the corporation was open to new investments and would foster meaningful and mutually beneficial relations with credible entities like CNOOC.

Founded in 1982, the CNOOC which is one of the three big Chinese national oil entities is originally focused on offshore upstream exploration and production.

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