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China’s national oil company to increase investment in Nigeria by $3bn

China National Offshore Oil Corp (CNOOC), the third largest national oil company in China, has announced plans to add $3 billion worth of investments to its existing oil and gas operations in Nigeria.

According to a statement released by Ndu Ughamadu, spokesman of the Nigerian National Petroleum Corporation (NNPC) on Sunday, Yuan Guangyu, chief executive officer, CNOOC, made this known during the company’s visit to the corporation.

According to Guangyu, the Chinese oil firm had already invested over $14bn in its Nigerian operations, owing to the fact that the country remained its “most strategic and important overseas business undertaking.”

He said the additional $3 billion would open up more opportunities for the company which focuses on exploitation, exploration and development of crude oil and natural gas.

Maikanti Baru, group managing director, NNPC, represented by Victor Adeniran, chief operating officer, ventures autonomous business unit, NNPC, received the delegation from CNOOC.

He thanked the Chinese major for its interest in the Nigerian oil and gas industry, adding that the corporation was “open to new investments” and would maintain strong partnerships with it.

Oluwatoyin Bayagbon :