Report: China moves in on Nigeria oil reserves
Associated Press
2009-09-29 10:42 PM
One of China's three energy majors is negotiating with Nigeria to buy large stakes in some of the world's richest oil blocs, according to a media report Tuesday.
If confirmed, it shows how aggressively China is going after new reserves in Africa, challenging major Western oil companies that dominate the region.
The Financial Times reported that state-owned CNOOC Ltd., is trying to buy 6 billion barrels of oil _ or a sixth of the proven reserves in Nigeria _ a move that could put China in competition with Royal Dutch Shell PLC, Chevron, Total SA and Exxon Mobil Corp.
Those companies control all or parts of the 23 oil blocks sought by China.
The Financial Times said it obtained a letter from the office of Umaru Yar'Adua, Nigeria's president, to Sunrise, CNOOC's representative. The offer's overall value was not disclosed, but the newspaper said some details suggested a figure of about $30 billion.
"Negotiations are ongoing not only with Sunrise/CNOOC but also with all other stakeholders in the industry," a Yar'Adua spokesman told the newspaper. "The federal government has not taken any final position on the issue."
Tanimu Yakubu, economic adviser to the Nigerian president, told the Financial Times that while the country wants to "retain our traditional friends," the Chinese are "offering multiples of what existing producers are pledging (for licenses)."
(MONEY TALKS!!!)
Last month, state-owned Sinopec Group completed a $7.5 billion acquisition of Canada's Addax Petroleum, obtaining new reserves in Africa and the Middle East in China's biggest foreign corporate takeover to date.
wow china took over Canada's company....danggggggggg
Associated Press
2009-09-29 10:42 PM
One of China's three energy majors is negotiating with Nigeria to buy large stakes in some of the world's richest oil blocs, according to a media report Tuesday.
If confirmed, it shows how aggressively China is going after new reserves in Africa, challenging major Western oil companies that dominate the region.
The Financial Times reported that state-owned CNOOC Ltd., is trying to buy 6 billion barrels of oil _ or a sixth of the proven reserves in Nigeria _ a move that could put China in competition with Royal Dutch Shell PLC, Chevron, Total SA and Exxon Mobil Corp.
Those companies control all or parts of the 23 oil blocks sought by China.
The Financial Times said it obtained a letter from the office of Umaru Yar'Adua, Nigeria's president, to Sunrise, CNOOC's representative. The offer's overall value was not disclosed, but the newspaper said some details suggested a figure of about $30 billion.
"Negotiations are ongoing not only with Sunrise/CNOOC but also with all other stakeholders in the industry," a Yar'Adua spokesman told the newspaper. "The federal government has not taken any final position on the issue."
Tanimu Yakubu, economic adviser to the Nigerian president, told the Financial Times that while the country wants to "retain our traditional friends," the Chinese are "offering multiples of what existing producers are pledging (for licenses)."
(MONEY TALKS!!!)
Last month, state-owned Sinopec Group completed a $7.5 billion acquisition of Canada's Addax Petroleum, obtaining new reserves in Africa and the Middle East in China's biggest foreign corporate takeover to date.
wow china took over Canada's company....danggggggggg