China Pumps $16 Billion In Nigeria’s Oil Industry
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 the country’s one of its largest investment destinations.
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 the country’s 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.
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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.
The GMD said there was need to improve the nation’s revenue profile through new investments in the Petroleum Sector.
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He commended CNOOC for its plan to expand its investment in the Nigerian Petroleum Industry and assured it of the corporation’s support.
“To have investment of $16bn in Nigeria is clearly an indication of your confidence in us. We have a target to grow production to 3m barrels per day by 2023, to do that, we need partners like you. You can count on us because we have common interest”, the GMD stated.
Meanwhile, the United States had accused China of Manipulating their currency, resulting in a fiasco between the two countries.
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