Nigeria inks $80 billion in Chinese oil deals

摘要

Lagos-Nigeria has signed memoranda of understanding with Chinese investors to pump over $80 billion in oil and gas exploration and production projects to bolster production in the OPEC member nation, according to a statement released late Wednesday by state oil firm Nigerian National Petroleum Corp. Nigeria is aiming to increase oil production to 2.5 million b/d by the end of 2016 from below 2 million b/d now, but faces funding challenges, including $7 billion debt owed by NNPC to its foreign partners in joint venture cash call contributions.