16 July 2018

Nigeria: China Offshore Oil Company Set to Invest $3bn in Nigeria

The China National Offshore Oil Corporation (CNOOC) is set to bring its total investment stakes in its Nigeria offshore oil and gas operations to $17 billion as the management of the corporation has expressed readiness to invest additional $3billion.

Chief executive officer of CNOOC, Yuan Guangyu, made this disclosure when he led the top executives of the Beijing based corporation on a courtesy visit to headquarters of the Nigerian National Petroleum Corporation (NNPC), at the weekend.

A statement signed by NNPC's spokesman, Ndu Ughamadu, quoted Yuan as describing CNOOC's investment in Nigeria as the most strategic and important overseas business undertaking.

Yuan tasked management of the NNPC to seek common grounds of beneficial interest with CNOOC for enhanced productivity, stressing that CNOOC had invested over $14 billion in its Nigerian operations.

He further disclosed that Nigeria remained the largest investment destination for CNOOC.

Responding, group managing director of the NNPC, Dr. Maikanti Baru, who was represented by chief operating officer (COO), Dr. Victor Babatunde Adeniran of the Ventures Autonomous Business Unit of the corporation, thanked CNOOC for its interest in the Nigerian Oil and Gas Industry.

He 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 China National Offshore Oil Corporation is one of the three big Chinese national oil entities. CNOOC is originally focused on offshore upstream exploration and production, whereas the China National Petroleum Corporation (CNPC) is slanted towards onshore upstream exploration and production. SINOPEC, the third of the tripod, is focused on refining and marketing.


Nigeria to Host 90% of Extremely Poor By 2030 - World Bank

The World Bank has predicted that by 2030, about nine out of 10 extremely poor people in the world will live in… Read more »

See What Everyone is Watching

Copyright © 2018 Leadership. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.