CNOOC to invest US$3bn in Nigeria’s oil and gas projects

CNOOC 20CNOOC aims to expand its oil and gas portfolio in Nigeria. (Image source: Michael Coghlan/Flickr)China National Offshore Oil Corporation (CNOOC) is planning to invest US$3bn in its existing stakes in Nigeria’s offshore oil and gas operations

Leading a team of CNOOC top executives to the corporate headquarters of the Nigerian National Petroleum Corporation (NNPC), Yuan Guangyu, CEO of CNOOC, said that the investment in Africa’s oil and gas projects comes after the company’s strategic and important overseas business undertaking.

CNOOC had invested more than US$14bn in its Nigerian operations. Guangyu called on the NNPC management to seek common grounds of beneficial interest with CNOOC for enhanced productivity.

Commenting on the initiative, Guangyu said that Nigeria remained the largest investment destination for CNOOC’s oil and gas projects.

Dr Maikanti Baru, group managing director of the NNPC, said that the corporation was open to new investments and would foster meaningful and mutually beneficial relations with credible entities like CNOOC.

Founded in 1982, CNOOC is originally focused on offshore exploration and production, whereas the China National Petroleum Corporation (CNPC) is slanted towards onshore upstream exploration and production.

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