China oil giant CNOOC’s shares soar on Africa buy – Wendy Lim

From Reuters:

Shares in China’s top offshore oil and gas producer, CNOOC Ltd. leapt more than 4 percent on Tuesday as investors cheered the acquisitive firm’s planned $2.3 billion purchase of a stake in a Nigerian field.

Analysts said the company’s largest-ever overseas acquisition was fairly priced and would help gain valuable experience in deep-water operations. But others said the purchase raised political risks for the company and might restrict its ability to make capital expenditures in the future.

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