Standards, second to none.
An Integrity Intercontinental Group Company.
"Setting the pace in the Nigerian and Global Crude Oil, Gas and
Petrochemicals industry for over 15 years by educating, teaching, revealing deep truths,
connecting and providing turnkey solutions for Crude Oil, Gas and the
Petrochemicals industry's users globally.
Delivering Genuine Global Crude Oil, Gas
& Petrochemicals Solutions & Transactions To Our World.
NIGERIAN CRUDE OIL AND GAS.
China oil firm buys into Nigeria
The Niger Delta is an area attracting interest from international firms
CNOOC, one of China's largest state-run oil and gas producers, has agreed to
buy a stake in a Nigerian offshore oil and gas field for $2.3bn (£1.3bn).
It will buy a 45% stake in the license covering the OML 130 field, which is
owned by South Atlantic Petroleum and is in deep water near the Niger Delta.
CNOOC is hunting overseas oil and gas assets to supply its domestic market.
China's appetite for commodities such as oil and gas is second only to that
of the United States.
The OML 130 field covers almost 500 square miles, and was first discovered
six years ago.
It is reported to need billions of dollars of investment before it comes on
stream in two years time.
'Huge interest'
Company chairman and chief executive, Fu Chengyu, said the purchase would
give CNOOC access to "an oil and gas field of huge interest and upside
potential, located in one of the world's largest oil and gas basins".
CNOOC is one of four big oil companies created when China's oil industry was
restructured seven years ago.
Its parent company is controlled by the Chinese government.
CNOOC shares were suspended before the start of trading in Hong Kong on
Monday, ahead of the announcement.
The company has bought access to overseas oil and gas resources in a number
of countries in recent years, including Indonesia and Australia.
Last year CNOOC failed to buy US firm Unocal following what it called
unprecedented political opposition to its plans from US lawmakers.
The deal still needs to be approved by the Nigerian National Petroleum
Corporation and the Chinese government.
