NNPC targets China to boost oil reserves

.....As CNOOC's investment in sector hits $16bn

In a bid to actualize its 3 million barrels per day oil production by 2023, the Nigerian National Petroleum Corporation (NNPC) says it will strengthen its partnership and new investments in the Upstream Petroleum Sector.

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

The GMD said there was need to improve the nation’s revenue profile through new investments in the sector.

He commended CNOOC for its plan to expand its investment in the 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, CNOOC’s 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.

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