China eyes closer ties with Nigeria in gas exploration

Apr 15, 2005 02:00 AM

China's top leader expressed hope his country could improve cooperation in gas exploration with Nigeria during talks with the visiting Nigerian president.
Following the hour-long talks between Chinese President Hu Jintao and Nigeria President Olusegun Obasanjo, who is in China for a four-day state visit, the two countries signed five economic agreements.

China, running low on domestic oil resources, is making a great effort to seek overseas oil supply sources.
So far, the country's three state-owned oil giants -- China National Petroleum Corp., China Petroleum & Chemical Corp. (SNP), or Sinopec, and China National Offshore Oil Corp. -- have all entered Nigeria's oil sector.

Sinopec has stakes in three oil blocks in Nigeria, with one of the three blocks producing 4,000 bpd of crude.
CNPC, the parent of PetroChina, has entered Nigeria's oil exploration sector, while CNOOC is providing oilfield services in the country, according to the Ministry of Commerce.

Source: Dow Jones
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