CNOOC Ltd ‘in Nigeria tax dispute’
China National Offshore Oil Corporation Limited, which bought a stake in the
OML 130 licence off Nigeria in 2006, said the cost of the deal may be
affected by a tax dispute with the west African country, it was reported.
The Total-operated block includes the Akpo field, due to start production at
the end of this year.
CNOOC Ltd said in its annual report this month that it was in “disagreement”
with a Nigerian local tax office over its $2.3 billion deal to buy a 45%
stake in the licence from South Atlantic Petroleum, the company’s biggest
foreign purchase to date, MarketWatch reported.
CNOOC Ltd said in its annual report that it was contesting a preliminary tax
assessment following an audit last year, but that final results of the audit
might affect the cost of the OML transaction.
The deep-water Akpo field is expected to produce u pto 175,000 barrels of oil
equivalent per day.
25 April 2008 03:53 GMT
| last updated:
25 April 2008 03:53 GMT
Latest jobs
