China’s CNOOC In Talks To Enter Uganda’s $5B Oil Proj-Sources

Despite recent setbacks, China is persevering in its efforts to secure major oil deals in Africa. From the Wall Street Journal:

China state-owned Ltd. (CEO) has become the latest company to enter talks with over a large Tullow Oil PLC-led (TLW.LN) project, people familiar with the matter said this week.

CNOOC company representatives approached the Ugandan presidency in early September and held talks with officials at the state house, said an official in Uganda President Yoweri Museveni’s office.

The news follows confirmation by Nigerian government officials that CNOOC had sought to enter Nigerian oil blocks underused by major international oil companies. CNOOC’s interest in Tullow’s Ugandan project shows China is also interested in expanding on the continent through partnerships with emerging African oil producers.

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