The China National Offshore Oil Corporation (CNOOC) is to invest an
additional three billion dollars in its existing stakes in offshore oil
and gas operations in Nigeria.
Mr Ndu Ughamadu, the Nigeria National Petroleum Corporation (NNPC) spokesman said this in a statement on Sunday in Abuja.
Ughamadu saidMr Yuan Guangyu, the Chief Executive Officer of the
Beijing-based Corporation, made the pledge when he led a team of CNOOC
top executives on a visit to the NNPC.
“Guangyu described its investment in Nigeria as the most strategic
important overseas business undertaking and its largest investment
destination.
“He said CNOOC had invested more than 14 billion dollars in its
Nigerian operations, even as he called on the management of the NNPC to
seek common grounds of beneficial interest with CNOOC for enhanced
productivity,’’ Ughamadu said.
The statement also quoted the Group Managing Director of NNPC, Dr
Maikanti Baru as thanking CNOOC for its interest in the Nigerian oil and
gas industry.
Baru 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 CNOOC which is one of the three big Chinese
national oil entities is originally focused on offshore upstream
exploration and production.
The China National Petroleum Corporation is involved in onshore
upstream exploration while SINOPEC, the third of the tripod, is focused
on refining and marketing.
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