Nigeria: China's Investment in Nigeria's Oil Sector to Hit $17 Billion

Abuja — China National Offshore Oil Corporation (CNOOC) will increase its venture in the Nigerian oil and gas sector, especially its offshore investments, to about $17 billion.Chief Executive Officer (CEO) of the Beijing-based Corporation, Yuan Guangyu, disclosed this during a visit to the Nigerian National Petroleum Corporation (NNPC) in Abuja at the weekend, saying Nigeria was a key destination for the national oil firm.

CNOOC, one of the three big Chinese national oil entities, originally focuses on offshore upstream exploration and production, while the China National Petroleum Corporation (CNPC) favours onshore upstream exploration and production. China Petrochemical Corporation Group, SINOPEC, the third of the tripod, focuses on refining and marketing.

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