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CNOOC acquired oil exploitation right in Nigeria
www.chinanews.cn 2006-04-21 17:08:21
Chinanews, Apr.21 - China National Offshore Oil Corp Limited (CNOOC)
announced on the 20th that it has purchased the offshore oil exploitation
right from Nigeria for 2.268 billion US dollars.
CNOOC explains that it has acquired a 45% working interest in an offshore
oil exploitation license OML 130 in Nigeria, which will highly raise the
company's overseas oil and gas reserve and output.
In addition to the US$2.268 billion expenditure on the above acquisition,
in the future CNOOC has to pay US$424 million for financial, operating
and capital expenses in the period before the deal is completed.
Nigeria is the fifth largest crude oil exporter of the world. OML 130 is
located in the around 500-square-mile Niger Delta, where four oilfields
including AKPO were discovered. The region also covers numerous
perspective structures that await further exploration.
It is estimated that AKPO Oilfield has approximately 1.1 billion barrels
of P50 reserves at present. Calculated by a 45% working interest, CNOOC
will acquire nearly 500 million barrels of oil reserve. When the oilfield
reaches a peak period in 2009, its daily oil output can hit 170,000
barrels, of which CNOOC will share 78,000 barrels.
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