China Willing To Invest $3B In Nigerian Oil Operations - NNPC



China Willing To Invest $3B In Nigerian Oil Operations - NNPC
China National Offshore Oil Corp is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation says.

Reuters

ABUJA, July 15 (Reuters) - China National Offshore Oil Corp (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

During a visit to Nigeria's state-owned NNPC, CNOOC Chief Executive Yuan Guangyu said the Beijing-based oil company had invested more than $14 billion in its Nigerian operations and expressed readiness to invest more.

Guangyu said Nigeria was their largest investment destination and also asked the NNPC to seek common grounds with CNOOC for enhanced productivity.

Nigeria has been holding talks with oil majors over new finance agreements for joint ventures since last year. The NNPC last year signed financing agreements with Chevron and Shell worth at least $780 million to boost crude production and reserves.

Other western oil companies, including ExxonMobil (XOM.N), operate in Nigeria through joint ventures with NNPC.

(Reporting by Paul Carsten Writing by Chijioke Ohuocha; Editing by Toby Chopra and Jane Merriman)



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