China National Overseas Oil Corporation CNOOC announced its largest overseas acquisition yesterday January 9 after agreeing to purchase a 45% stake in Nigerian Oil Mining License OML 130 for $2.23 billion.
Under the terms of the all cash deal, CNOOC has acquired rights via its Hong Kong listed subsidiary CNOOC Ltd to exploit oil reserves, which could amount to the equivalent of 1.1 billion barrels of oil in oil-and-gas rich Nigeria. It will also invest a further $2.25 billion in capex through to 2009.
The price paid is the equivalent of $4.6 per barrel of oil, although the final price will depend on how difficult the oil...
