China’s $2.3-billion Nigerian oil venture is a major step forward for the energy ravenous country as it seeks to power its fast-growing economy but analysts said on Tuesday the race was just heating up.
China National Overseas Oil Corp (CNOOC)’s purchase of a 45% stake in the Akpo field off the West African nation is the biggest overseas investment by Beijing since China National Petroleum Corp’s (CNPC) took over central Asia’s PetroKazakhstan for $4,18-billion in October.
See also “China covets energy, resources out of Africa” from Reuters.
