September 30, 2009

China Wants Nigeria Offshore Oil

China National Offshore Oil Corp. (CNOOC) (NYSE: CEO) announced it is discussing major acquisitions in Nigeria valued up to $30 billion (US dollars). This will mean directly taking on western oil and gas majors Shell, Chevron, Total, and ExxonMobile which currently dominate oil production in Nigeria. Nigerian petroleum minister Odein Ajumogobia says not so fast however but admits his government is considering an offer. Ajumogobia may be getting pressure from Washington as Nigeria is the perrenial number 5 supplier of crude oil to the USA. Many analysts believe that CNOOC may pursue new offshore blocks. Chinese firms are leading deepwater explorations around the world....

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