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China pumps $16b in Nigeria’s oil industry

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Lu Yan Ji and Mele Kyari: $16billion talk

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 Nigeria 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.

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.

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.

145 COMMENTS

  1. What we really need in Nigeria,is not about invest,invest.okay,the investors are investing why the Nigeria economy is still suffering……

  2. We totally depends foreign country for everything, when are we going to stand on our own.despised all this our Economic is still in mess.

  3. good one to hear but this should not lead into sold terms because this recall me of Benue cement where by Dangote bought a share and nw he is the full owner this should not be here because trust our people they can do un do

  4. We totally depends foreign country for everything, when are we going to stand on our own.despised all this our Economic is still in mess.

  5. Wow that’s nice, this our oil is really bringing our relationship with china n other country very close, hope d money is been utilize wisely

  6. Comment: nice one for China, they are really getting what they do not have with ease while Nigeria is there may be jumping over the $16bn because all that Nigeria govt care for is having more money to embezzle.

  7. What a huge amount of money indeed, China should be very careful this time around in dispensing such am amount of money on Nigerian oil.

  8. We are just hearing the money we don’t know the usefulness, the rate of the poor keep rising everyday

  9. What’s our government now doing with such huge amount of money Will that amount vanish into a thin air I’m wondering

  10. We totally depends foreign country for everything, when are we going to stand on our own.despised all this our Economic is still in mess.

  11. It is not by saying $16b and we all should congratulate our oil industry… Because soon one person will steal all the money or they will tell us that Ant 🐜 has swallow it is this not 9ja we know our people

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