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The deal is the company's second in Nigeria. Early this year, CNOOC bought a 45% stake in the OML 130 offshore-oil-mining license, which mainly covers Nigeria's undeveloped Akpo field, from South Atlantic Petroleum Ltd., a company owned by a former Nigerian minister.
CNOOC, has so far spent about US$3.7 billion on overseas acquisitions, excluding the latest Nigerian deal. According chairman Fu Chengyu, CNOOC will focus attention on Nigeria and Myanmar.