CNOOC to invest $3bn in Nigerian oil operations – NNPC

CNOOC to invest $3bn in Nigerian oil operations - NNPC

The Nigerian National Petroleum Corporation (NNPC) says that China National Offshore Oil Corp (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria.

The state oil company made the announcement following a meeting with CNOOC in Abuja on Sunday.

During a visit to NNPC, CNOOC Chief Executive, Yuan Guangyu, said the Beijing-based oil company had invested more than $14 billion in its Nigerian operations and expressed readiness to invest more.

Guangyu said Nigeria was their largest investment destination and also asked the NNPC to seek common grounds with CNOOC for enhanced productivity.

Nigeria has been holding talks with oil majors over new finance agreements for joint ventures since last year. The NNPC last year signed financing agreements with Chevron and Shell worth at least $780 million to boost crude production and reserves.

Other western oil companies, including ExxonMobil, operate in Nigeria through joint ventures with NNPC.

Agency Report