China ready to invest $50bn for Nigeria oil

Wednesday, December 09, 2009
NEW DELHI: China is ready to invest $50 billion to acquire 6 billion barrels of Nigerian oil reserves in a proposal made in June, a sum which could help the OPEC member fund its joint ventures with oil majors, a top adviser said.

Several state-run Chinese oil firms, including CNOOC, are in talks with Nigeria about Beijing’s search for proven oil reserves, which include incursions into some oil blocks held by Royal Dutch Shell, ExxonMobil and Chevron.