CNOOC pulls out of Nigerian project
19 August 2008
Chinese National Overseas Oil Corp (CNOOC) has withdrawn from one of its Nigerian oil projects, the South China Morning Post reported, citing a source familiar with the matter. CNOOC reportedly withdrew from the project - in which it has a 35% interest - even though the Nigerian operator drilled two successful wells. This particular operation is the smaller of the company's two Nigerian ventures. No reason was given for CNOOC's decision. The company paid US$60 million to buy into the project last year. CNOOC is expected to keep a 5% stake in the venture as collateral for a US$80 million loan to the project.