Chinese Oil Company Acquires 45 Per Cent Stake in Oil Exploration in Nigeria
January 9, 2006
Text of report in English by official Chinese news agency Xinhua (New China News Agency)
Beijing, 9 January: China National Offshore Oil Corporation (CNOOC), the country’s largest offshore oil company, announced Monday [9 January] it had signed a big deal to explore petroleum in Nigeria.
The agreement was signed between China National Offshore Oil Company Limited, a subsidiary of the CNOOC, and South Atlantic Petroleum Limited. Offering 2.268bn US dollars, the Chinese company acquired 45 per cent of the stake for oil mining license “OML 130″ in Nigeria.