Yesterday, I reported the most cheering good news of the New Year in Nigeria, the $2.3B CNOOC is investing in the oil industry in Nigeria. The Washington Post has a very comprehensive report on it. The analysis of the investment by Peter S. Goodman and Justin Blum is worth reading and documenting. Because they included very important details of the energy crisis in the world caused by the war in Iraq and the desperation for more energy in America, Europe and Asia.
Saad Rahim, an analyst at PFC Energy, a Washington-based consulting firm says international oil companies think CNOOC is overpaying for the Nigerian oil field that has estimated proven reserves of over 620 million barrels of oil and about 3.75 trillion cubic feet of natural gas.
"If you're talking to one of the international oil companies, they view that as an overpayment," said Rahim. "But for the Chinese companies, because they've been tasked by the government to go out and get as much oil as they can, then the $2 billion isn't an overpayment in their eyes."
But Xiao, the Cnooc spokesman, does not think so.
"It's a good deal," Xiao said. "It adds to our reserves, and we paid an attractive price."
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