Nigeria: Chinese CNOOC announces new investments in its oil and gas assets

The China National Offshore Oil Corporation (CNOOC) plans to inject an additional $ 3 billion into its offshore oil and gas operations in Nigeria, according to an announcement last week by the Nigerian National Petroleum Corporation (NNPC) after a meeting between the heads of the two entities.
According to the CEO of Chinese oil company Yuan Guangyu, « this investment is a strategic option ».
For his part, Ndu Ughamadu, General Manager of the Group and the Public Affairs Division of NNPC, the Chinese group had already invested more than $ 14 billion in its Nigerian operations.
As a reminder, CNOOC was founded in 1982 and is one of the three major Chinese national oil entities. Present since 2006 in West Africa, it focuses on offshore exploration and production, and is oriented towards onshore exploration and production.
Note that Cnooc operates in the OML 130 offshore block with a 45% stake, alongside South African Sapetro (15%), Brazil’s Petrobras (16%) and the French multinational Total (24%). .
It also holds a 20% stake in Block OML 138, which houses the Usan oil field off the coast of Nigeria, through its subsidiary Nexen Petroleum Nigeria Limited. In this block, we find American Chevron (30%), Esso E & P Nigeria, a subsidiary of the American company ExxonMobil (30%) and Chinese Sinopec (20%).

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