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It is reported that the funds required for this acquisition will come from CNOOC’s internal funding channels.
Fu Chengyu, chairman and CEO of CNOOC, said that Nigeria is the fifth largest crude oil exporter in the world and the basin where the OML130 block is located is one of the largest oil and gas basins in the world. The signing of the acquisition agreement enabled CNOOC to acquire important interests in the oil and gas field and new opportunities for reserve growth. With the world's leading deep-sea oil experts as operators, the oil field must be developed quickly and efficiently. He also stated that the transaction is in full compliance with CNOOC's long-term strategy of expanding through the exploration and development of offshore oil and gas fields and the diversification of the regional distribution of oil and gas assets of the company.
It is understood that at present, CNOOC is the largest offshore crude oil producer in Indonesia and has some upstream assets in Australia and other places.
CNOOC's Acquisition of Offshore Oil Extraction Rights in Nigeria is Expected to Be Completed in the First Half of 2006
On January 9, China National Offshore Oil Corporation and South Atlantic Petroleum Co., Ltd. signed an agreement to acquire 45% of the working rights held by Nigeria's offshore oil exploration license (OML130) for US$2.268 billion in cash. If it can pass the approval of Nigerian National Petroleum Corporation and the Chinese government, the transaction is expected to be completed in the first half of 2006.