CNOOC Announces $2.3B Nigeria Investment
January 9, 2006
BEIJING – Chinese state-controlled oil company CNOOC Ltd. said Monday it is paying $2.3 billion for a 45 percent stake in a Nigerian oil field.
The move is CNOOC’s first major investment since its failed attempt to take over U.S. oil company Unocal Corp. last year.
The deal still requires approval from the Chinese and Nigerian governments, the company said.