The GMD NNPC, Maikanti Baru

China’s national offshore oil firm to invest $3bn in Nigeria

The management of China National Offshore Oil Corporation (CNOOC) has expressed its readiness to invest additional $3bn in its existing stakes in offshore oil and gas operations in Nigeria.

According to the Chief Executive Officer of the Beijing-based corporation, Yuan Guangyu, the investment in Nigeria is the most strategic and important overseas business undertaking of the firm.

Guangyu stated this when he led a team of the CNOOC top executives to the corporate headquarters of the Nigerian National Petroleum Corporation in Abuja, according to a statement by the Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Corporation, Ndu Ughamadu, on Sunday.

Guangyu said CNOOC had invested over $14bn in its Nigerian operations and called on the management of the NNPC to seek common grounds of beneficial interest with the Chinese firm for enhanced productivity.

He said Nigeria remained the largest investment destination for CNOOC.

Responding, the Group Managing Director, NNPC, Maikanti Baru, who was represented by the Chief Operating Officer, Ventures Autonomous Business Unit, Victor Adeniran, thanked CNOOC for its interest in the Nigerian oil and gas industry.

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

Founded in 1982, the 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 is slanted towards onshore upstream exploration and production.

SINOPEC, the third leg of the tripod, is focused on refining and marketing.