CNOOC ready to move forward in Nigeria
The Chinese oil company is on the cusp of closing a tax dispute involving NNPC and its partner SAPETRO over its biggest asset in Africa, the giant offshore block OML 130, operated by Total. Its completion is expected to lead to developments in gas exports.
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▪ CNOOC ready to move forward in Nigeria
▪ The Chinese oil company is on the cusp of closing a tax dispute involving NNPC and its partner SAPETRO over its biggest asset in Africa, the giant offshore block OML 130, operated by Total. Its completion is expected to lead to developments in gas exports.
▪ https://www.africabusinessplus.com/en/805362/cnooc-ready-to-move-forward-in-nigeria/
CNOOC and its partners have been freed up to pursue the medium-term development of the OML 130 offshore licence in Nigeria. This is expected to further boost CNOOC’s African production, which has increased sharply over the past two years. The resolution is the result of a heads of terms agreement reached last month between state-owned oil company NNPC, CNOOC, and the Nigerian SAPETRO, a deal in which Mele Kyari, Managing Director of oil giant NNPC, was personally involved. Since his appointment in July 2019, Kyari has been attempting to normalise the Nigerian group’s relationships with international companies to revive the country’s oil and gas production, which is well below its potential yield of 3m barrels per day.
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