China and Nigeria Agree Oil Deal

Source: BBC 4/26/2006, Location: Africa

China has secured four oil drilling licences from Nigeria as President Hu Jintao continues his week-long tour of Africa, his second in three years. In exchange China will invest $4bn (£2.25bn) in oil and infrastructure projects in Nigeria. China will buy a controlling stake in Nigeria's 110,000 barrel-a-day Kaduna oil refinery and build a railroad system and power stations. Nigeria, Africa's top oil exporter, has long been viewed by China as a partner.

Exploration blocks

The African nation will offer first right of refusal to China National Petroleum for a quartet of exploration blocks during a licensing round due to be held in Nigeria on 19 May.

The blocks comprise two areas in the oil-producing Niger Delta - one onshore and one in shallow water - and two areas in the higher-risk inland Chad basin, where no oil is produced at present.

Last week Chinese state oil firm CNOOC said it had completed a £2.3bn deal to buy a stake in a Nigerian oil field.


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