CNOOC To Expand $16bn Nigerian Investment To Help Boost Reserves

Executive Vice President of CNOOC, Mr. Lu Yan Ji and NNPC GMD, Mr Mele Kyari during a meeting in Abuja

The Nigerian National Petroleum Corporation (NNPC) says strategic partnership and new investments in the upstream petroleum sector are essential for it to actualize the nation’s crude oil reserves and 3m barrels per day oil production target by 2023.

Group Managing Director of the Corporation, Mr Mele Kyari, said during a meeting with the Executive Vice President of China National Offshore Oil Corporation (CNOOC), Mr. Lu Yan Ji, in Abuja, that there was need to improve the nation’s revenue profile through new investments in the petroleum sector.

He commended CNOOC for its plan to expand its investment in the Nigerian petroleum industry and assured it of the corporation’s support.

“To have investment of $16billion in Nigeria is clearly an indication of your confidence in us. We have a target to grow production to 3m barrels per day by 2023, to do that, we need partners like you. You can count on us because we have common interest”, the GMD stated.

In his remarks, the CNOOC Vice President, Mr. Lu Yan Ji, said Nigeria was one of his company’s largest investment destination with investment outlay standing at about $16billion

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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