China National Offshore Oil Corporation (CNOOC) has revealed plans to invest $3bn in its current offshore oil and gas operations in Nigeria.
CNOOC has already invested more than $14bn in Nigeria and considers it as the most strategic overseas business venture.
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CNOOC is also seeking collaboration with the Nigerian National Petroleum Corporation (NNPC) to work towards increased production.
Founded in 1982, CNOOC focuses on offshore exploration and development, with Africa being home to its relatively large oil and gas reserves and production base.
Last year, CNOOC recorded a production volume of 136.9 million barrels of oil equivalent (boe) reserves and 73,625boe/d in Africa, representing 2.8% of its total reserves and 5.7% of its daily production.
In Nigeria, CNOOC owns a 45% interest in the OML130 deepwater project, which has Akpo, Egina, Egina South, and Preowei oilfields.
Last year, the Akpo oilfield reported stable production and its net output was around 56,000bpd.
While the Egina project is currently in the engineering construction phase, the Preowei-3 well was successfully appraised.
The company also has a 20% non-operating interest in Usan oilfield in OML138 block and holds 18% non-operating interest in OPL 223 and OML 139 PSC.
Furthermore, CNOOC has offshore operations in countries that include Uganda, Indonesia, Iraq, Australia, the US, UK, Brazil, and Argentina.
