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Report: Stakes in Nigeria Oil Reserves sought by Cnooc

China National Offshore

As per the media reports, China National Offshore Oil Corp. (Coonc), the country's biggest offshore crude producer, is negotiating the acquisition of stakes in about 6 billion barrels of oil reserves in Nigeria.

A report by a well-known newspaper claimed, while citing a letter from the office of Nigerian President Umaru Yar'Adua, "The bid is for the equivalent of one in six barrels of the proven reserves in sub-Saharan Africa's largest oil producer, with 16 licenses up for renewal."