Nigeria To Get Two Thirds Of Chinese $15bn Investment In Oil, Gas Sector In Africa

by on November 19, 2020

By Adejumo Enock

Two thirds of Chinese $15 billions investment in oil and gas in Africa would be executed in Nigeria, A Modern Diplomacy report has said on Wednesday.

According to the report, a whopping $15 billion worth of investments planned in Africa’s oil sector, of which two thirds of the investments are planned for Nigeria.

It was pointed out that China would also invest  in Angola, Uganda and Mozambique, adding  that the investments, would be split between three major players out of China – China National Petroleum Corporation (CNPC), China Petroleum and Chemical Corporation (SINOPEC) and China National Offshore Oil (CNOOC).

“Beijing is pouring considerably more cash into the African continent’s energy sector than into its other energy investment projects in the Americas.

“SINOPEC and CNOOC are Chinese companies well-established in Nigeria and Angola, while CNPC has a stake in the Rovuma LNG project in Mozambiqu. Overall, China has significantly ramped up its presence in nearly 20 African countries, and more”, the report noted.

Furthermore, the Modern Diplomacy reported that “China’s national oil companies are investing heavily in the exploration and production of oil and gas supplies in Africa,” remarking that the continent is the “second largest region in supplying oil and gas to China, after the Middle East, with over 25 per cent of its total imported oil and gas.”

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