Talking about Africa Pressures China’s Oil Deals – WSJ.com

 

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Africa Pressures China’s Oil Deals – WSJ.com
— China’s search for large stakes in some of Nigeria’s richest oil blocks comes against a backdrop of problems in other African countries where the Asian giant has oil operations.On Tuesday, Nigeria’s oil minister and a presidential spokesman said state-owned China National Offshore Oil Corp., or Cnooc, is in advanced talks with Nigeria to take over blocks that are owned by Royal Dutch Shell PLC and other companies, but are underutilized.An official with Nigeria’s state oil company said about 20 onshore blocks were on offer and that negotiations were at a late stage with some companies, including Cnooc. He said he wasn’t sure exactly how much crude Cnooc was vying for, but that targeted investment would run into several billion dollars.

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