Accessibility links

Breaking News

China Seeks Stake in Nigerian Oil Field

Officials with China's largest gas and oil producer say they have agreed to buy a 45 percent stake in a Nigerian oil field.

The state-controlled China National Overseas Oil Company, CNOOC, will pay almost $2.3 billion for its interest in the oil field off the coast of Nigeria. CNOOC says the deal with South Atlantic Petroleum, Limited, still requires both governments' approval.

The large investment follows last year's failed attempt by CNOOC to take over the American oil giant Unocal.

Chinese oil companies have been aggressively seeking energy supplies to fuel the country's booming economy. China has become the world's second-leading oil consumer, trailing only the United States.

Some information for this report was provided by AP.