The Nigerian National Petroleum Corporation (NNPC) has adopted strategic partnership and new investments with China in the Upstream Petroleum Sector to actualise the growth of the nation’s crude oil reserves.
The Group Managing Director of the NNPC, Malam Mele Kyari, disclosed this when the Executive Vice President of China National Offshore Oil Corporation (CNOOC), Lu Yan Ji, paid him a courtesy visit in Abuja, on Thursday, 15 August 2019.
Kyari said the corporation was in partnership with China to help to achieve three million barrels per day oil production target by 2023.
He added that there was need to improve the nation’s revenue profile through new investments in the petroleum sector.
He commended the 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 dollars in Nigeria is clearly an indication of your confidence in us.
“We have a target to grow production to three million barrels per day by 2023, to do that, we need partners like you. You can count on us because we have common interest,” he said
In his remarks, Lu said Nigeria was one of his company’s largest investment destination with investment outlay standing at about 16 billion dollars.
He called for NNPC’s support in securing the investments, adding that there was need for both companies 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 and it currently has interest in Oil Mining Lease (OML) 130 in partnership with the NNPC, Total and Petrobras.