The China National Offshore Oil Corporation (CNOOC) is to invest an additional three billion dollars in its existing stakes in offshore oil and gas operations in Nigeria. Yuan Guangyu, Chief Executive Officer (CEO) of the Beijing based corporation announced this while leading team CNOOC top executives to the corporate headquarters of the Nigerian National Petroleum Corporation (NNPC) on Sunday in Abuja.
Founded in 1982, the China National Offshore Oil Corporation is one of the three big Chinese national oil entities. CNOOC is originally focused on offshore exploration and production, whereas the China National Petroleum Corporation (CNPC) is slanted towards onshore upstream exploration and production. SINOPEC, the third of the tripod, is focused on refining and marketing.
According to Mr. Ndu Ughamadu, the spokesman of Nigerian National Petroleum Corporation (NNPC), he explained that the management of China National Offshore Oil Corporation (CNOOC) has expressed its readiness to invest additional $3 billion in its existing stakes in offshore oil and gas operations in Nigeria, reminding them that CNOOC had already invested over $14 billion in Nigerian operations. He further went ahead to enjoin the management of the NNPC to seek common grounds of beneficial interest with CNOOC for enhanced productivity.
The statement also quoted the Group Managing Director of NNPC, Dr Maikanti Baru, as thanking CNOOC for its interest in the Nigerian oil and gas industry. Baru said the corporation was open to new investments and would foster meaningful and mutually beneficial relations with credible entities like CNOOC.