NNPC, China Sign Agreement on Oilfield Services

Posted On September 6th, 2018 - 1:36 pm | by Oil and gas press

The Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) in China with the China National Offshore Oil Corporation (CNOOC) towards developing Nigeria’s oilfield services as well as boosting research and development in the oil and gas industry.

The MoU signing, the third in the series within the week, by the NNPC Management on the sidelines of the ongoing Forum for China-Africa Cooperation (FOCAC) Summit, took place Wednesday, in Beijing, China.

Speaking shortly after signing the dotted lines on behalf of the corporation at the CNOOC Headquarters in Beijing yesterday, Group Managing Director, Dr. Maikanti Baru, said this latest MoU signing marked a milestone in NNPC’s aspiration to transit from an integrated oil and gas company to an energy company.

“Our aim is to complement the Federal Government’s determination to meet the growing energy demands and diversify the economy away from reliance on carbon-based fuels,”

Dr. Baru stated.

The collaboration would also reinforce NNPC’s desire to partner with strategic investors to develop strategies for continuous cooperation that will be economically profitable for the two National Oil Companies (NOCs).

Under this agreement, the two NOCs would collaborate on getting the technical expertise required to provide oilfield services, including operatorship of oilfield assets in Nigeria and beyond.

The partnership would also, in the first instance, see a significant upgrade of the NNPC’s R&D Division laboratories in Port Harcourt, Baru added.

Aside oilfield services and Research & Development, the GMD noted that renewable energy and biofuels production were another focus area the NNPC was keen to collaborate with CNOOC.

Source / More : Nigerian National Petroleum Corporation (NNPC)

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