Monday, January 09, 2006

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).

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