Cnooc completes Nigerian deal

April 25, 2006
Cnooc has acquired a 45% working interest in offshore OML 130 in Nigeria from South Atlantic Petroleum Ltd.

Offshore staff

(West Africa, Asia-Pacific) - Cnooc Ltd. has acquired a 45% working interest in offshore oil mining license 130 in Nigeria from South Atlantic Petroleum Ltd. (SAPETRO).

OML 130 contains four significant discoveries and additional exploration prospects.

Cnooc will pay about $2.27 billion plus an adjustment of $424 million for financial, operating, and capital expenses prior to closing.

Meanwhile, Cnooc has planned a $12.5 billion capital expenditure for oil and gas E&P through 2010, which will boost production to 50 million tons of oil equivalent, including 38 million tons of crude oil and 12.6 bcm of natural gas, Cnooc's Development and Planning Department Manager Tan Dongling says.

04/25/06