Nigeria Looks to China as NNPC Targets 3 Million bpd Oil Production

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SWITZERLAND, AUGUST 16 – The Federal Government is looking at strategic partnerships with oil Chinese companies to help grow its daily oil production. This is as the new Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari sets a 3million barrels per day oil production target by 2023.

This is revealed in a press statement by the NNPC on the visit of the Executive Vice President of China National Offshore Oil Corporation (CNOOC), Mr. Lu Yan Ji to Kyari in his office in Abuja on Thursday.

According to the statement signed by NNPC’s General Manager, Group Public Affairs, Ndu Ughamadu and seen by Today’s Echo, CNOOC already has investment of $16bn in Nigeria.

Read the full statement below:

“The Nigerian National Petroleum Corporation says strategic partnership and new investments in the Upstream Petroleum Sector are essential for it to actualise the nation’s crude Oil reserves and 3m barrels per day oil production target by 2023.

“Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, disclosed this today when the Executive Vice President of China National Offshore Oil Corporation (CNOOC), Mr. Lu Yan Ji, paid him a business visit at the NNPC Towers in Abuja. 

“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 $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. 

“In his remarks, the CNOOC Vice President, Mr. Lu Yan Ji, said Nigeria was one of his company’s largest investment destination with investment outlay standing at about $16bn. 

“He called for NNPC’s support in securing the investments, adding that there was need for both National Oil Corporations to work closely together.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.”

Today’s Echo gathers that CNOOC is one of the largest national oil companies in China. It is the third-largest national oil company in thecountry after CNPC (parent of PetroChina) and China Petrochemical Corporation (parent of Sinopec).

 The CNOOC Group focuses on the exploitation, exploration and development of crude oil and natural gas in offshore China, along with its subsidiary COOEC.

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