NNPC Targets China to Increase Crude Oil Reserves

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NNPC has targeted China to Increase Crude Oil Reserves. NNPC Group Managing Director, Mallam Mele Kyari, explained this demand to the Vice President of the China National Offshore Oil Corporation Mr. Lu Yan Ji, during a business visit to the NNPC Towers, Abuja.

The Nigerian National Petroleum Corporation says strategic partnership and new investments in the Upstream Petroleum Sector are essential for it to actualize the nation’s crude Oil reserves and 3 million barrels per day oil production target by 2023.

The Managing Director said there is need to improve the nation’s revenue profile through new investments in the Petroleum Sector.

He commended China National Offshore Oil Corporation for its plan to expand its investment in the Nigerian Petroleum Industry and assured it of the corporation’s support.

In his remarks, Mr. Lu Yan Ji, said Nigeria is one of his company’s largest investment destination with investment outlay standing at about 16 billion dollars.
He called for NNPC’s support in securing the investments, adding that there is need for both National Oil Corporations to work closely together.

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