NIGERIA > China Offshore Oil Company (CNOOC) is set to invest additional $3 billion in Nigerian operations

CNOOC logo

China Offshore Oil Company (CNOOC) is set to invest additional US $3 billion in Nigerian operations making it the most strategically important overseas business for CNOOC. Beijing based CNOOC’s Chief Executive Officer, Yuan Guangyu said that CNOOC had already invested $14 billion in Nigerian operations while leading a team of CNOOC top executives to the corporate headquarters of the Nigerian National Petroleum Corporation (NNPC).

Yuan Guangyu called the Nigerian investment the largest investment destination for CNOOC and called on the management of the NNPC to seek common ground for mutual benefit. NNPC Group Managing Director Dr. Maikanti Baru and NNPC Chief Operating Officer (COO) Dr. Victor Babatunde Adeniran responded by thanking CNOOC for its interest and investment in the Nigerian Oil and Gas Industry.

About China Offshore Oil Company (CNOOC)

One of the big three of the Chinese national oil entities, China Offshore Oil Corporation operates as an offshore oil and gas production company. CNOOC is primarily focused on offshore exploration and production, CNPC works towards onshore upstream exploration and production and SINOPEC is focused on refining and marketing.

About Nigerian National Petroleum Corporation (NNPC).

Founded in 1977, Nigerian National Petroleum Corporation (NNPC) explores, produces, refines, transports, and markets oil and gas and also offers distribution/trading, commercial investment management, seismic data acquisition, seismic data processing, reservoir engineering, data storage and management, geophysical, geological, packaging products manufacturing, renewable energy sources exploration, engineering, procurement, construction supervision, project management, quality assurance and control, environmental consulting, training, and transmission services. NNPC is headquartered in Nigeria.

Reference:

·        http://www.nnpcgroup.com/PublicRelations/NNPCinthenews/tabid/92/articleType/ArticleView/articleId/1045/China-Offshore-Oil-Company-to-Invest-3bn-in-Nigeria.aspx

·         https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=9012522