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Chinese oil firm, CNOOC see investing in Nigeria as most strategic oversea venture

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Baring last minute hitches, Chinese investors are on their way to join other multinationals in doing business in Nigeria’s oil and gas industry sooner than later.

Already, the management of China National Offshore Oil Corporation (CNOOC) has expressed its readiness to invest additional $3bn in its existing stakes in offshore oil and gas operations in Nigeria.

Chief Executive Officer of the Beijing-based Corporation, Yuan Guangyu, observed that “the planned investment in Nigeria is the most strategic and important overseas business undertaking of the firm”.

Speaking during a working visit to the leadership of the Nigerian National Petroleum Corporation (NNPC) in Abuja, Guangyu said CNOOC had invested over $14bn in its Nigerian operations and called on the management of the NNPC to seek common grounds of beneficial interest with the Chinese firm for enhanced productivity.

In a statement issued by the Group General Manager, Group Public Affairs Division of the NNPC, Ndu Ughamadu, Guangyu observed that Nigeria remained the largest investment destination for CNOOC.

In his response, the Group Managing Director of NNPC, Dr. Maikanti Baru, represented by the Chief Operating Officer, Ventures Autonomous Business Unit, Victor Adeniran, thanked CNOOC for renewed interest in the Nigerian oil and gas industry.

NNPC chief made it clear that the corporation was open to new investments and would foster meaningful and mutually beneficial relations with credible entities like CNOOC.

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