CNOOC takes 45% stake in Nigerian oil
(AFP)
Updated: 2006-01-09 22:01

China recently became the world's second-largest oil consumer after the United States. In 2004 it consumed 314 million tonnes, of which it imported 122.7 million, taking eight percent of world consumption.

Last year CNOOC's bid to buy the US energy company Unocal Corp lost out to the Chevron Corporation after a politically charged controversy in the United States over a Chinese company taking over US energy assets.

CNOOC has said previously it was in talks for a stake in Australia's Gorgon gas projects, while also expressing interest in acquiring 10 billion dollars of assets in dismembered Russian oil group Yukos.

Several months ago China National Petroleum Corporation paid 4.18 billion dollars for the Canadian-listed company PetroKazakhstan which exploits oil fields in the Central Asian country that borders China.

In expectations of the deal, China and Kazakhstan have built an 806 million dollar pipeline that spans some 1,000 kilometers (600 miles) from the oil fields to refineries in China's Xinjiang region.

CNOOC's Hong Kong-listed Chinese oil group reported third-quarter total revenues of 14.87 billion yuan (1.82 billion dollars) compared with 11.4 billion yuan a year earlier.

Oil and gas sales rose 31.2 percent during the period to 14.76 billion yuan.