New oil giant plans €20bn Nigeria investment

ChevronTexaco Corp plans to invest some €20bn in Africa over the next five years, Jay Pryor, the head of its Nigerian operation said.

"We are fully on the ground in central and southern African countries and we are also making substantial progress in our deepwater projects and gas sector development in Nigeria," he said.

He said Chevron's recent merger with Texaco has made the new company the third largest overseas oil company operating in Nigeria, having a daily output of some 380,000 barrels per day.

Nigeria exports approximately 2 million barrels per day.

"We have had a good year and look forward to bright as we transit into other areas of core businesses," he said.