By OGJ editors
HOUSTON, Apr. 20 -- CNOOC Ltd. has closed on its acquisition of a 45% interest in oil mining license (OML) 130 off Nigeria from South Atlantic Petroleum Ltd. (Sapetro) of Lagos (OGJ Online, Jan. 9, 2006).
CNOOC said it paid $424 million in addition to the $2.268 billion that it initially agreed to pay. The adjustment involved financial, operating, and capital expenses before closing.
OML130 contains four discoveries and a range of prospects. Nigerian National Petroleum Corp. and the Chinese government, which is CNOOC's majority owner, both approved the transaction.
A production-sharing agreement and a production-sharing contract (PSC) each governs a 50% interest in OML 130. Sapetro holds 100% interest in the PSC, of which CNOOC plans to acquire 90% interest, providing it with a 45% interest in OML 130.
