The state-run company China National Offshore Oil Corp (CNOOC) plans to invest US$3bn in its Nigerian oil and gas operations, which are jointly run through joint ventures (JVs) with its state-held counterpart Nigerian National Petroleum Corporation (NNPC). So far, the Chinese firm has spent roughly US$14bn in the country, which is looking forward to boost its crude oil production and reserves through partnerships with major oil ans gas players such as CNOOC, ExxonMobil, Shell and Chevron.
In November 2017, NNPC signed a US$1.7bn financing agreement with Chevron that would increase the Nigerian crude oil output by 39,000 bbl/d. The deal is expected to last until 2045 and the project will focus on oil, gas and condensate production from the Sonam and Okan fields located in leases OML 90 and 91 in the Niger Delta offshore Nigeria.
