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NNPC, CNOOC Seal Deal On Oilfield Services, Others

GMD NNPC, Dr. Maikanti Baru in a handshake with CNOOC Executive Vice Chairman, Mr. Fang Zhi, at the agreement signing ceremony in Beijing, Wednesday

The Nigerian National Petroleum Corporation (NNPC) and China National Offshore Oil Corporation (CNOOC) have signed agreements to develo Nigeria’s oilfield services as well as boosting research and development in the oil and gas industry.

The agreement is the third in the series of MoUs signed between Chinese firms and the NNPC management on the sidelines of the just concluded Forum for China-Africa Cooperation (FOCAC) which took place in Beijing, China.

Speaking after signing the agreement, at the CNOOC Headquarters in Beijing, NNPC Group Managing Director, Dr. Maikanti Baru, said. “Our aim is to complement the Federal Government’s determination to meet the growing energy demands and diversify the economy away from reliance on carbon-based fuels.”

Under the agreement, the two NOCs would collaborate on getting the technical expertise required to provide oilfield services, including operatorship of oilfield assets in Nigeria and beyond, a statement by the Corporation said.

The partnership would also, in the first instance, see a significant upgrade of the NNPC’s R&D Division laboratories in Port Harcourt.

Aside oilfield services and Research & Development, Dr. Baru said he was looking forward to further collaborate with CNOOC towards establishing biofuels refineries in Nigeria and power generation using renewable energy sources.

CNOOC Chairman, Mr. Yang Hua, said CNOOC considers Nigeria as a very strong partner, stressing that over $14bn had been invested by the corporation in Nigeria – the largest single investment in any country by the Chinese oil giant.

He said with about 160 oil and gas fields being developed as well as over 200 offshore platforms globally, CNOOC has what it takes to help Nigeria develop its abundant hydrocarbon resources.

CNOOC, a global leader and China’s largest producer of offshore crude oil and natural gas, is the third-largest NOC in China, after the China National Petroleum Corporation (CNPC) and China Petroleum and Chemical Corporation (SINOPEC).

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