The Chinese National Offshore Oil Corporation is set to invest additional $3billion in its existing stakes in Nigeria’s offshore oil and gas operations.

Yuan Guangyu, Chief Executive Officer of the corporation, who led a team to the Nigerian National Petroleum Corporation (NNPC) in Abuja today, described the investment as the most strategic and important overseas business undertaking.

According to him, CNOOC had invested over $14 billion in its Nigerian operations, and demanded for mutual grounds with the NNPC for the benefit of both parties.

He said the additional stake of $3bn was because Nigeria remained the largest investment destination for CNOOC.

The Group Managing Director of the NNPC, Maikanti Baru, who was represented by 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.