Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, disclosed this Thursday when the Executive Vice President of China National Offshore Oil Corporation (CNOOC), 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, 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.

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Leading a team of CNOOC top executives to the corporate headquarters of the Nigerian National Petroleum Corporation (NNPC), Yuan Guangyu, Chief Executive Officer of the Beijing based corporation, described its investment in Nigeria as the most strategic and important overseas business undertaking.

He said CNOOC had invested over $14 billion in its Nigerian operations, even as he called on the management of the NNPC to seek common grounds of beneficial interest with CNOOC for enhanced productivity.

Yuan Guangyu said Nigeria remained the largest investment destination for CNOOC.

Responding, the Group Managing Director of the NNPC, Dr. Maikanti Baru, who was represented by Dr. Victor Babatunde Adeniran, Chief Operating Officer (COO), Ventures Autonomous Business Unit of the corporation, thanked CNOOC for its interest in the Nigerian Oil and Gas Industry.

He said the corporation was open to new investments and would foster meaningful and mutually beneficial relations with credible entities like CNOOC.

Founded in 1982, the China National Offshore Oil Corporation is one of the three big Chinese national oil entities. CNOOC is originally focused on offshore upstream exploration and production, whereas the China National Petroleum Corporation (CNPC) is slanted towards onshore upstream exploration and production. SINOPEC, the third of the tripod, is focused on refining and marketing.

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