Chinese School - CNOOC acquires oil exploitation right in Nigeria

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CNOOC acquires oil exploitation right in Nigeria

www.chinanews.cn 2006-03-30 16:01:33

Chinanews, Mar. 31 - China National Offshore Oil Corp. (CNOOC) (0883.HK)
fulfilled another deal with Nigeria, purchasing 35% of working rights and
interests of a Nigerian oil exploration license for 60 million US
dollars. Value of the above purchase was lower than that of CNOOC's
previous deal, which hit 2.27 billion US dollars.
CNOOC revealed on the 28th that they purchased 35% of working rights and
interests of Nigeria's OPL229 oil contract, and the related agreement had
been signed on January 27. This is CNOOC's second deal with Nigeria.
Earlier this year, the company invested 2.27 billion US dollars to
purchase 45% of working rights and interests of Nigeria's OML130 offshore
oil exploitation license.
Before CNOOC signed OPL229 exploitation contract, 55% of working rights
and interests in this block belonged to Nigeria National Petroleum
Corporation, and the rest was owned by Amni International Petroleum
Development Company Limited. However, CNOOC did not reveal which company
remised the rights of OPL229 contract.

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