CNOOC to Bid on Nation Energy
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.
CNOOC Signs $2.268B Agreement with SAPETRO
CNOOC Limited signed a definitive agreement with South Atlantic Petroleum Limited to acquire a 45 percent working interest in an offshore oil mining license ''OML 130'' in Nigeria for $2.268 billion, subject to adjustments. The purchase will be funded from the internal resources of CNOOC Ltd. OML 130 is covered by both a Production Sharing Agreement and a Production Sharing Contract, each of which governs a 50 percent interest in OML 130. SAPETRO is currently the sole contractor and sole interest holder in the PSC. Under the agreement, CNOOC will be acquiring a 90 percent interest in the PSC and hence, a 45 percent working interest in OML 130. Located in Nigeria, the world's fifth largest crude oil exporter, the Niger Delta region is one of the world's most prolific oil and gas basins.
