China Oil Corporation says Nigeria will help to actualize its 1.2mbpd global target
China National Offshore Oil Corporation (CNOOC) has described Nigeria as a major investment destination for the company, as it looks forward to building on the current $16 billion outlay of investments in the country. The company said it has set a 1.2 million barrels per day target, up from the current 800,000bpd global production, and that Nigeria was one of the targeted places to actualize the target.
During a meeting with senior officials of the Nigerian National Petroleum Corporation (NNPC) yesterday in Abuja, Executive Vice President of China National Offshore Oil Corporation (CNOOC), Mr Lu Yan Ji, called for NNPC’s support in securing the investments. He said there was need for the two organisations to work together. CNOOC started business in Nigeria in 2005. It currently has interest in Oil Mining Lease (OML) 130 in partnership with NNPC, Total and Petrobras.
Addressing the Chinese team earlier, the group managing director of the NNPC, Mallam Mele Kyari commended CNOOC for the confidence they have in Nigeria’s oil sector. According to him, strategic partnership and new investments in the upstream petroleum sector are essential for the NNPC to actualize the nation’s crude oil reserves and 3 million 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. 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 $16 billion 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 a common interest”, the GMD stated.