CNOOC to increase investment in Nigeria

CNOOC Ltd, whose controlling shareholder is China National Offshore Oil Corp, the country's largest offshore oil and natural gas developer, said the company will increase investment in its existing oil and gas operation in Nigeria, which it described as one of its most strategic and important overseas business undertakings.

The Beijing-based oil company has been investing in Nigeria for more than 10 years, and is currently the largest Chinese entity investor in Nigeria, it said.

Nigeria has been holding talks with oil majors on new financial agreements for joint ventures since 2017. The State-owned oil company signed financing agreements with Chevron and Shell worth at least $780 million last year to boost crude oil production and reserves.