CNOOC is likely to bid for a Kazakhstan oil company just days after it unveiled plans to spend $2.3 billion
on offshore oil and gas assets in Nigeria, www.TheStandard.com reported. CNOOC is eyeing an offer for Nations Energy
, an independent oil producer based
in Canada. The move by CNOOC comes after the company announced the acquisition of a 45 percent stake in oil and gas fields owned by Nigerian oil company South Atlantic Petroleum earlier this week. The deepwater fields are contained in a 1,295-square-kilometer tract off the Niger River Delta and contain estimated recoverable reserves of 1.1 billion barrels of oil equivalent. Nine-year-old Nations first bought assets in Kazakhstan in 1997. It operates OJSC Karazhanbasmunai - Kazakhstan's ninth-largest oil producer - in the west of the country on the Caspian Sea. The company has sunk about $370 million into the Central Asian operation. The fields produced 48,000 barrels a day as of March 2005, and output is expected to climb to 80,000 to 90,000 barrels a day by 2007.