CNOOC takes 45% of Nigerian oil field

CNOOC will pay US$2.27 billion for 45% of a Nigerian offshore oil and gas field, its biggest acquisition yet, reported the Wall Street Journal. The company would invest another US$2.25 billion for its part in a US$5 billion expenditure to develop the Akpo field, which was expected to produce in 2008. The deal was expected to be completed before June. Edinburgh-based international energy consultancy Wood Mackenzie estimated the Akpo field had 620 million barrels of recoverable reserves of light-oil condensate.