CNOOC inks deal to acquire Nigerian oil field
(AP)
Updated: 2006-04-20 15:46 Chinese oil company CNOOC
Ltd. said Thursday that it completed an agreement for a 45 percent stake in a
Nigerian oil field _ the firm's first major investment since last year's failed
bid to take over Unocal Corp.
CNOOC said it's paying US$2.27 billion (euro1.84 billion) for the deal that
covers part of the oil-rich Niger Delta region. The company will also pay US$424
million (euro343.43 million) for financial, operating and capital expenses, the
firm said in a statement.
"The completion of this transaction represents a milestone in our efforts to
expand into the world's most prolific oil and gas basins," said Fu Chengyu,
chairman and chief executive officer of CNOOC.
Chinese oil companies have been pursuing energy supplies to fuel the
country's booming economy.
CNOOC has recently announced other agreements to explore for oil in Chinese
waters and off the coast of Western Australia.
The initial agreement for Nigeria was announced last January, but the
Nigerian and Chinese governments had not yet approved it.
Last year, CNOOC offered US$18.5 billion for Los Angeles-based Unocal, but
withdrew its bid in August after opposition from U.S. politicians.
The China National Offshore Oil Corp. owns 70 percent of CNOOC's shares.
On Wednesday, News Agency reported that CNOOC plans to invest 100 billion
yuan (US$12.5 billion; euro10.2 billion) in oil and gas exploration and
production through 2010.
The report quoted Tan Dongling, a manager with CNOOC's development and
planning department, as saying the spending would help raise CNOOC's production
in 2010 to 50 million metric tons of oil equivalent, including 38 million metric
tons of crude oil and 12.6 billion cubic meters of natural gas.
|