Chinese oil company to invest $ 3 billion in Nigeria

Yuan Guangyu, director general of the Beijing-based company, said investing in Nigeria is a strategic option for his company.

In a statement made on Sunday in Abuja, Ndu Ughamadu, chief executive of the Group and the Public Affairs Division of the Nigerian National Petroleum Corporation (NNPC), said the CNOOC had invested more than $ 14 billion in its Nigerian operations.

He added that Guangyu, who led a team from senior CNOOC staff to the head office of the Nigerian National Petroleum Corporation in Abuja, has called on NNPC management to seek areas of common interest with the Chinese firm to improve productivity.

CNOOC was founded in 1982 and is one of China's three major national oil entities.

It focuses on upstream offshore exploration and production, while the Ch ina National Petroleum Corporation is focused on onshore and upstream exploration and production.

SINOPEC, the third leg of the tripod, focuses on refining and marketing.

GIK / lb / te / APA