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Vol 1 (AAC) No 2

Published 1st December 2007


Nigeria

Bringing it all back home

Asian buyers face tough competition from local bidders as Shell sells a big stake in its oil business

China has a new competitor for oil resources in Nigeria, according to company leaks and media reports. Royal Dutch/Shell is understood to be looking to sell a 49.8% stake in Oil Mining Licenses 125 and 134, deepwater blocks operated by Italian company Ente Nazionale Idrocarburi (ENI). Industry sources say Shell have been talking to the China National Offshore Oil Corporation (CNOOC) – and to a local products distribution firm, African Petroleum. Both are reported to be ready to pay over the odds for Shell’s interests.

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