BREAKING NEWS:CNOOC Limited acquires 45 % stake in offshore Nigerian oil


When the Chinese multinational oil company CNOOC lost in their bid for Unocal of America, I said they should come to Nigeria and invest in the most lucrative oil industry in the world. And the good news on the BBC that CNOOC is coming to do exactly what I said is music to my ears. And the best signals of the good things God has in store for Nigeria this year. But, the BBC did not give the details.

I have already confirmed this from CNOOC Ltd that indeed CNOOC Limited has acquired 45 % stake in offshore Nigerian oil mining license 130 for US $2.268 billion cash.

Commenting on the acquisition, Chairman and Chief Executive, Fu Chengyu said: “The purchase of this interest in OML 130 helps CNOOC gain 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. With one of the leading deep water experts as the operator of the field, we have every confidence for the fast and efficient production of oil.”

He also commented: “This transaction is perfectly aligned with CNOOC’s long term strategy of achieving growth through the exploration and development of offshore fields and achieving geographic diversification of the company’s portfolio."

The transaction is expected to close in the first half of 2006, and is conditional on, amongst others, Nigerian National Petroleum Corporation (“NNPC”) and Chinese government approval.



CNOOC's Pinghu Gas Field

I have already written CNNOC to welcome them to Nigeria. This is breaking news and Nigerian Times is the first to report the news in details of the transaction.

Conference Call Information:

6p.m. HKT Investor and Analyst Call
CNOOC Limited will host a conference call on January 9, 2006 at 6p.m. HKT to discuss the transaction. The slides will be available on CNOOC Limited’s website. To access this conference call, please use the following numbers:

Hong Kong: 3005 2050
China – Netcom*: 10 800 852 1179
China – Telecom*: 10 800 152 1179
Singapore: 800 852 3576
United States: 1 866 549 1292
International: 852 3005 2050

Passcode 425978#

6.45p.m. HKT Media Call
A conference call for media will be held today at 6.45p.m. on the following numbers:

Hong Kong: 3005 2050
China – Netcom*: 10 800 852 1179
China – Telecom*: 10 800 152 1179
Singapore: 800 852 3576
United States: 1 866 549 1292
International: 852 3005 2050

Passcode 260291#

*Dependent on telephone service provider in China: China Netcom or China Telecom.

More information about the transaction can be found through CNOOC Limited's website (www.cnoocltd.com).

Comments

Post a Comment

Popular posts from this blog

Addax Petroleum Announces Federal Government Approval of Nigeria Gas Utilisation Initiative

1 Aug 2008 14:21 Africa/Lagos Addax Petroleum Announces Federal Government Approval of Nigeria Gas Utilisation Initiative CALGARY, Canada, August 1/PRNewswire/ -- - International Consortium Formed for Investment in Gas Development - Including the Potential Monetization of OML137 Gas Addax Petroleum Corporation (TSX: AXC and LSE: AXC) ("Addax Petroleum" or the "Corporation"), together with its partners Chrome Oil Services Limited ("Chrome") and Korea Gas Corporation ("KOGAS"), announces today that it has received the approval from the Federal Government of Nigeria, for its proposed implementation of an integrated gas utilization project in Nigeria. Addax Petroleum has also entered into a heads of agreement with Chrome, a leading Nigerian oil and gas company, and KOGAS, South Korea's national gas company, forming an international consortium (the "Consortium") which, upon finalization of the necessary project development agreemen
Read more

Terrorist Attacks on America Before Osama Bin Laden Was Born : 1920 -2005.

Image
This is a record of all terrorist attacks in America and in countries with American interests and on American Embassies and citizens abroad. Osama bin Laden did not create the demons of terrorism. He is only one of the most diabolical and destructive of them all. The devil is the author of Terrorism in his capacity as the Son of Perdition and the father of chaos. It is very important to clarify these issues for the benefit of those who are ignorant and naive and have been jumping to erroneous conclusions. Terrorist Attacks (within the United States or against Americans abroad) 1920: septa. 16, New York City: TNT bomb planted in unattended horse-drawn wagon exploded on Wall Street opposite House of Morgan , killing 35 people and injuring hundreds more. Bolshevist or anarchist terrorists believed responsible, but crime never solved. 1975 Jan. 24, New York City: bomb set off in historic Fraunces Tavern killed 4 and injured more than 50 people. Puerto Rican nationalist group
Read more

Black Hole Caught Red-handed In A Stellar Homicide

Image
ABOUT THIS IMAGE: This computer-simulated image shows gas from a tidally shredded star falling into a black hole. Some of the gas also is being ejected at high speeds into space. Astronomers observed a flare in ultraviolet and optical light from the gas falling into the black hole and glowing helium from the stars's helium-rich gas expelled from the system. To see the computer simulation movie, visit: http://hubblesite.org/newscenter/archive/releases/2012/18/video/ Image Type: Scientific Visualization Credit: NASA, S. Gezari (The Johns Hopkins University), and J. Guillochon (University of California, Santa Cruz) 2 May 2012 18:14 Africa/Lagos Black Hole Caught Red-handed In A Stellar Homicide WASHINGTON, May 2, 2012 /PRNewswire-USNewswire/ -- Astronomers have gathered the most direct evidence yet of a supermassive black hole shredding a star that wandered too close. NASA's Galaxy Evolution Explorer, a space-based observatory, and the Pan-STARRS1 telescope on the summit of Haleak
Read more