Beijing offshore oil coy to invest $3bn in Nigeria

The Management of China National Offshore Oil Corporation (CNOOC), has expressed readiness to invest additional $3 billion in its existing stakes in offshore oil and gas operations in the Nigerian jurisdiction.

Leading a team of CNOOC top executives to the corporate headquarters of the Nigerian National Petroleum Corporation (NNPC), Yuan Guangyu, Chief Executive Officer of the Beijing based corporation, said CNOOC had invested over $14 billion 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.

Responding, the Group Managing Director of the NNPC, Dr. Maikanti Baru, who was represented by Dr. Victor Babatunde Adeniran, Chief Operating Officer (COO), Ventures Autonomous Business Unit of the corporation, thanked CNOOC for its interest in the Nigerian Oil and Gas Industry.