NNPC, Chinese firm explore oil, gas investment opportunities

The Nigerian National Petroleum Company Limited (NNPC Ltd) has held talks with a Chinese energy company on potential investments in crude oil production, gas commercialisation, energy infrastructure and technology.

The discussions also covered oil and gas trading, as both parties explored opportunities to develop a partnership that could boost production and strengthen Nigeria’s energy security.

The Chinese delegation, led by the Vice President of China Zhenhua Oil Co. Ltd., Mr Zuxi Huang, was received on Friday by NNPC’s Group Chief Financial Officer, Dapo Segun, and Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.

Other members of the NNPC leadership participated virtually in the engagement.

The state-owned oil company disclosed the meeting in a post on its X handle at the weekend, saying both parties exchanged views on their respective business interests and explored areas of potential collaboration.

According to NNPC, the discussions examined how a prospective partnership could add value to its operations, drive growth in crude oil and gas production, and strengthen Nigeria’s energy security.

The company said the engagement provided an opportunity for both sides to explore areas of mutual interest in the energy sector.

However, NNPC did not disclose specific investment commitments or indicate whether any agreement had been reached.

China Zhenhua Oil is a subsidiary of China North Industries Group Corporation Limited, popularly known as NORINCO Group.

The engagement comes as Nigeria seeks to attract foreign investment and technical expertise to expand its oil and gas production, develop energy infrastructure and increase domestic gas utilisation.