The Executive Vice President of China National Offshore Oil Corporation (CNOOC), Mr. Lu Yan Ji, said the company has invested over $16 billion in Nigeria’s oil industry and described Nigeria one of its largest investment destinations.
Lu spoke on Thursday at a meeting with the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari in Abuja.
Lu 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.
Kyari said 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.
SOURCE: PMNews