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China National Oil Corporation Invest $16b in Nigeria

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Crude oil
  • China National Oil Corporation Invest $16b in Nigeria

China National Offshore Oil Corporation (CNOOC) has invested a total sum of $16 billion in Nigeria’s oil and gas sector.

Mr Lu Yan Ji, the Executive Vice President, CNOOC, disclosed this on Thursday during a meeting with Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Corporation.

Yan Ji said Nigeria, Africa’s largest economy, was one of CNOOC top investment destinations, therefore, he called on the NNPC to support the corporation drive for growth in the oil and gas sector.

He further stated that his company currently produced 800,000 barrels of crude oil per day but the target was 1.2 million barrels per day, adding that Nigeria was one of the places the corporation planned to actualise its target.

Kyari, who was obviously delighted by the company’s commitment to Nigeria, said Nigeria was also looking to boost crude oil production to three million barrel per day through strategic partnership.

He said strategic partnership and new investments in the oil sector were necessary to actualise the corporation’s three million barrels per day.

The NNPC boss said: “To have investment of $16bn in Nigeria is clearly an indication of your confidence in us.

“We have a target to grow production to three million barrels per day by 2023 and to do that, we need partners like you.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.