The China National Offshore Oil Corporation (CNOOC) which is a Beijing based Corporation is to invest additional $3billion dollars in its existing stakes in offshore oil and gas operations in Nigeria jurisdiction as they look to improve their relationship with their most important overseas business partners and undertaking.
In a statement made available by the Nigerian National Petroleum Corporation through the Group General Manager Public Affairs,Mr Nuhu Ughamadu said CNOOC top management led by their Chief Executive Officer Mr. Yuan Guangyu paid a visit to the head office of the NNPC in Abuja, where they expressed their readiness to invest additional $3billion in their already existing stakes in offshore oil and gas operations.
According to the statement, Mr. Yuan Guangyu said CNOOC had invested over $14 billion in its Nigerian operations which is their most important overseas undertaking, and are looking to do more. While expressing this, he also called on the management of the NNPC to seek common grounds of beneficial interest with CNOOC for enhanced productivity, saying Nigeria remained the largest investment destination for CNOOC.
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.
He said the corporation was open to new investments and would foster meaningful and mutually beneficial relations with credible entities like CNOOC.
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.