NNPC commends CNOOC over plans to boost $16b investment in Nigeria’s oil sector

WorldStage Newsonline– The Nigerian National Petroleum Corporation (NNPC) has commended CNOOC for its plan to expand its investment in the Nigerian Petroleum Industry and assured it of the corporation’s support, saying, “to have investment of  16 billion dollars in Nigeria is clearly an indication of your confidence in us.”

Group Managing Director of NNPC Malam Mele Kyari said when the Executive Vice President of China National Offshore Oil Corporation (CNOOC), Mr Lu Yan Ji, paid him a courtesy visit in Abuja that strategic partnership and new investments in the Upstream Petroleum Sector are essential to actualise the growth of the nation’s crude Oil reserves.

Mr Ndu Ughamadu, spokesman for the corporation said in a statement that the partnership would also help to achieve three milliion barrels per day oil production target by 2023.

He added that there was need to improve the nation’s revenue profile through new investments in the Petroleum Sector.

Kyari said, “We have a target to grow production to three million barrels per day by 2023, to do that, we need partners like you. You can count on us because we have common interest, ” he said

In his remarks, Lu said Nigeria was one of his company’s largest investment destination with investment outlay standing at about 16 billion dollars.

He called for NNPC’s support in securing the investments, adding that there was need for both National Oil Corporations to work closely together.

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

CNOOC started business in Nigeria in 2005.

It currently has interest in Oil Mining Lease (OML) 130 in partnership with NNPC, Total and Petrobras.

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