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17

Chinese Oil Major Buys Nigerian Oil And Gas Field

Chinese oil major CNOOC Ltd. is to pay $2.3 billion for a stake in a Nigerian oil and gas field

Chinese oil major CNOOC Ltd. is to pay $2.3 billion for a stake in a Nigerian oil and gas field, marking the latest overseas acquisition to meet surging domestic demand.

CNOOC said today it will pay cash from internal resources to buy a 45% working interest in Nigerian Oil Mining Licence (OML) 130 from South Atlantic Petroleum in its largest overseas purchase.

CNOOC said it will contribute capital expenditure of $2.25 billion to develop the field.