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China invests $16bn in Nigeria’s oil sector - PUNCH

AUGUST 16, 2019

•NNPC targets three million barrels crude production daily


BY Okechukwu Nnodim, Abuja

China National Offshore Oil Corporation has invested $16bn in Nigeria’s oil and gas sector.

 CNOOC’s Executive Vice President, Mr Lu Yan Ji, and the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, announced this on Thursday.

 This came as the NNPC boss declared that the corporation was targeting a crude oil production of three million barrels per day.

 Yan Ji, during his visit to Kyari at the NNPC headquarters in Abuja, said Nigeria was one of his company’s largest investment destinations with investment outlay standing at about $16bn.

 He called for the NNPC’s support in securing the investments, adding that there was a need for both national oil corporations to work closely.

 He disclosed that the CNOOC currently produced 800,000 barrels of crude oil worldwide with a target to hit 1.2 million barrels per day, adding that Nigeria was one of the targeted places to actualise the target.

The CNOOC started business in Nigeria in 2005. It currently has interest in Oil Mining Lease 130 in partnership with the NNPC, Total and Petrobras.

 Kyari, in his remarks, said the NNPC was also targeting to further boost Nigeria’s crude oil reserves through strategic partnership with China.

He noted that strategic partnership and new investments in the upstream petroleum sector were essential for the NNPC to actualise plans of growing the nation’s crude oil reserves and three million barrels per day oil production target by 2023.

Kyari said there was a need to improve the nation’s revenue profile through new investments in the petroleum sector.

He commended the CNOOC for its plan to expand its investment in the Nigerian petroleum industry and assured it of the corporation’s support.

The NNPC boss was quoted in a statement issued in Abuja as saying, “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.”

He assured the Chinese oil firm of the NNPC’s collaboration, adding that they had common interest.

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