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Sunday, 12 October, 2008, 12:50 GMT | more prices >>

CNOOC Ltd swoops on Akpo



By Upstream staff 

China National Offshore Oil Corporation Ltd (CNOOC Ltd) has shelled out $2.2 billion in cash for South Atlantic Petroleum's 45% stake in oil mining licence 130 - which hosts Total's Akpo field - off Nigeria.

Total-operated OML 130 also holds the Egina, Egina South and Preowei finds.

CNOOC Ltd's chairman Fu Chengyu said the company will fund the deal from its own coffers.

Akpo was discovered in 2000, and lies 200 kilometres off Nigeria in water depths ranging from 1100 to 1700 metres.

The field's reserves have been estimated at 600 million barrels of condensate and 2.5 trillion cubic feet of gas.

Akpo is due on stream in late 2008 and should pump 225,000 barrels of oil equivalent per day.

Total holds a 24% interest in the OML 130. Other partners are South Atlantic, Nigeria National Petroleum Corporation and Petrobras.


Monday, 09 January, 2006, 10:42 GMT  | last updated: Monday, 09 January, 2006, 10:42 GMT

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