China's march into Africa continues with CNOOC buying a 35% working interest in a license to explore oil in Nigeria for US$60 million.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.
