China National Offshore Oil Corporation (CNOOC) will increase its
venture in the Nigerian oil and gas sector, especially its offshore
investments, to about $17 billion.Chief Executive Officer (CEO) of the
Beijing-based Corporation, Yuan Guangyu, disclosed this during a visit
to the Nigerian National Petroleum Corporation (NNPC) in Abuja at the
weekend, saying Nigeria was a key destination for the national oil firm.
venture in the Nigerian oil and gas sector, especially its offshore
investments, to about $17 billion.Chief Executive Officer (CEO) of the
Beijing-based Corporation, Yuan Guangyu, disclosed this during a visit
to the Nigerian National Petroleum Corporation (NNPC) in Abuja at the
weekend, saying Nigeria was a key destination for the national oil firm.
CNOOC, one of the three big Chinese national oil entities, originally
focuses on offshore upstream exploration and production, while the
China National Petroleum Corporation (CNPC) favours onshore upstream
exploration and production. China Petrochemical Corporation Group,
SINOPEC, the third of the tripod, focuses on refining and marketing.
focuses on offshore upstream exploration and production, while the
China National Petroleum Corporation (CNPC) favours onshore upstream
exploration and production. China Petrochemical Corporation Group,
SINOPEC, the third of the tripod, focuses on refining and marketing.
Apart from over $14 billion, which Guangyu said the country has
already invested in oil and gas sector in Nigeria, he disclosed that the
group would stake additional $3 billion in its existing portfolio in
the country’s offshore oil and gas operations.
already invested in oil and gas sector in Nigeria, he disclosed that the
group would stake additional $3 billion in its existing portfolio in
the country’s offshore oil and gas operations.
Leading a team of CNOOC top executives to NNPC’s corporate
headquarters, Guangyu called for common grounds of beneficial interest
that could boost productivity of both countries’ oil firms.
headquarters, Guangyu called for common grounds of beneficial interest
that could boost productivity of both countries’ oil firms.
Group Managing Director of the NNPC, Maikanti Baru, said the
corporation was open to new investments and opportunities.Baru, who was
represented by Chief Operating Officer (COO), Ventures Autonomous
Business Unit of the NNPC, Victor Babatunde Adeniran, said the
corporation would foster meaningful and mutually beneficial relations
with credible entities like the CNOOC.
corporation was open to new investments and opportunities.Baru, who was
represented by Chief Operating Officer (COO), Ventures Autonomous
Business Unit of the NNPC, Victor Babatunde Adeniran, said the
corporation would foster meaningful and mutually beneficial relations
with credible entities like the CNOOC.
culled:guardian
