CNOOC to Invest $ 3 Billion in Nigeria's Oil and Gas Projects

The China National Offshore Oil Corporation (CNOOC) plans to invest US $ 3 billion in its interests in offshore oil and gas operations in Nigeria

CNOOC aims to expand its oil and gas portfolio in Nigeria. (Image Source: Michael Coghlan / Flickr)

Yuan Guangyu, CEO of CNOOC, said that investment in oil and gas projects in Africa was leading a team of CNOOC senior staff at headquarters of the NNPC. comes after the company's strategic and important business abroad.

CNOOC had invested more than US $ 14 billion in its Nigerian operations. Guangyu called on NNPC management to look for reasons of mutual interest with CNOOC to improve productivity.

Commenting on the initiative, Guangyu said Nigeria remains the largest investment destination for CNOOC's oil and gas projects. The chief executive of NNPC said the company was open to new investments and would foster meaningful and mutually beneficial relationships with credible entities such as CNOOC.

Founded in 1982, CNOOC focuses initially on offshore exploration and production. The National Petroleum Corporation (CNPC) is focused on upstream exploration and production at sea.