Cnooc Ltd. is considering buying stakes in two Nigerian blocks held by Royal Dutch Shell Plc, the Wall Street Journal reported, citing an unidentified person familiar with the matter.
Shell plans to sell interests in two Nigerian offshore blocks, the report said. A block is a geographic area of territory over which the owner holds exploration and drilling rights, the report said.
The sales of the block stakes, each amounting to 49.8 percent, could fetch as much as $900 million, the WSJ said. Eni SpA's Agip unit holds the remaining 50.2 percent, it said.
Shell has said it expected to sell about $9 billion in assets in 2007, the report said. CNOOC is China's biggest offshore oil producer.
Via: Bloomberg|By Clare Cheung
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