Reuters News

Angola could soon secure more loans from China to rebuild infrastructure and diversify its economy away from oil after an almost three-decade long civil war, Angolan Finance Minister Severim de Morais, said on Monday.

 

 

International Gas Report

China's state-owned oil giant China National Petroleum Corp has reportedly approached two Canadian oil companies about the possibility of purchasing their assets in Libya and Syria valued at about $5 billion.

 

 

International Oil Daily

A Hong Kong-based company owned by Chinese and Angolan interests has bought a stake in Indonesia's giant Cepu oil block in return for equity crude.

 

 

South China Morning Post

CNOOC, the country's dominant offshore oil and gas producer, will source much of its output growth between 2011 and 2015 from the Liwan deepwater gas project and the deepwater Egina oil project in Nigeria, president Yang Hua says.

 

 

Dow Jones Energy Service

A Chinese company, Yang Chang Logone Development Holding Co., reached an agreement Thursday with the Cameroon government to invest $62 million and exploit Cameroon petroleum, the Ministry of Mines and Industries and Technological Development said.

 

 

Reuters News

Libya plans to purchase all of Canada's Verenex Energy Inc , the head of Libya's National Oil Company said on Thursday, clarifying earlier remarks.

 

 

Reuters News

Investors in Canada's Verenex Energy Inc. are concerned that Libya's decision to block a C$499 million ($406.4 million) Chinese acquisition of the company could leave them exposed to hefty tax bills.

 

 

Corporate Financing Week

The head of Libya's National Oil Corporation (NOC), Shokri Ghanem, has confirmed that the state-owned company will exercise its right of refusal to buy Canada's Verenex Energy.

 

 

Upstream

China National Oil & Gas Development & Exploration Corporation (CNODC) has made a promising oil and gas discovery in Chad's Block H, writes Xu Yihe .

 

 

The Wall Street Journal

Libya's top oil official said Wednesday that the country will exercise its right to buy the assets of Verenex Energy Inc., blocking a roughly $400 million deal that China had sought with the Canadian oil producer.

 

 

Agence France Presse

Libya's state-owned National Oil Corporation announced plans on Thursday to buy up the assets of Canadian oil company Verenex in Libya, a bid that would block similar moves by China.

 

 

National Post

Verenex Energy Inc. could back away from its sale altogether after Libya said it would buy the Canadian oil exploration company rather than allow its takeover for $499-million by China National Petroleum Corp. (CNPC).

 

 

Dow Jones Chinese Financial Wire

Two Chinese companies have expressed interest in carrying out exploration works in Zambia's north western province, which neighbors oil-rich Angola, the Times of Zambia reports Tuesday.

 

 

The Economist Intelligence Unit

Chinese companies are seizing their chances to build up strategic oil and gas holdings, with a move in Libya just the latest example.

 

 

Platts Commodity News

Canada's Verenex Energy said Monday it is continuing to seek Libyan approval for its agreed C$499 million ($399 million) sale to China National Petroleum Corp. following a report that Libya may exercise its right to buy Verenex.

 

 

Reuters News

China thinks it may need to increase loans to Angola to help the oil-rich nation develop its agricultural sector, state media said on Friday, after Angola confirmed it had received another $1 billion loan from Beijing.

 

 

Platts Oilgram News

Verenex Energy, a Canadian company whose primary asset is a 50% stake in Area 47 of Libya's Ghadames Basin, said March 11 it is reducing the pace of its exploration drilling program and cutting investment at the block because of the economic downturn.

 

 

British Business Monitor

China is looking at Algeria as key part of its expansion plans in Africa with Algerian President Abdelaziz Bouteflika keen to use oil and gas export proceeds to upgrade the country’s infrastructure spending USD 200 billion (EUR 157bn) by the end of 2009, the Financial Times reported.

 

 

China Knowledge Press

CNOOC Ltd., an arm of China's largest offshore oil company China National Offshore Oil Corp, announced on Monday that the OML130 in Nigeria, of which CNOOC holds 45% interest, officially started production from its Akpo deep water field ahead of the operator's expected startup date, sources reported.

 

 

Xinhua News Agency

China National Offshore Oil Company Limited (CNOOC Ltd.) said Monday that oil and gas production in Nigeria's OML130 project, of which CNOOC Ltd. holds a 45-percent interest, has begun ahead of the planned start-up date.

 

 

Dow Jones International News

CNOOC Ltd. (CEO) said Monday its biggest overseas oil field in Nigeria has started up ahead of schedule, boosting its chances of hitting annual output targets in spite of the headwind of low oil prices.

 

 

FT Now

A report this week that trade between the People’s Republic of China and Africa has risen 30% since 2000 (US $107b in 2008) was the backdrop to a chat with a trade consultant who has worked with Standard Bank, which is advising Chinese companies on business opportunities in Africa’s mining sector.

 

 

National Post

National oil companies, with their deep pockets and thirst for energy, may be the most capable of winning bidding wars right now, but investors should not expect a swath of companies to come under control of state-owned outfits such as CNPC International Inc., which snapped up Calgarybased Verenex Energy Inc. yesterday.

 

 

Calgary Herald

After seven months on the auction block, Calgary junior Verenex Energy Inc.agreed Thursday to a nearly $500-million take-over offer by China National Petroleum Corp., the country's largest oil company.

 

 

China Economic Review

China Petroleum & Chemical Corp (Sinopec), China National Offshore Oil Corp (CNOOC) and China National Petroleum Corp (CNPC) are each hoping to be chosen to lead a bid for a West African oilfield, the South China Morning Post reported.

 

 

The Associated Press

China's president toured the site of a new, Chinese-financed national theater in Senegal on Saturday, a day after signing a bilateral agreement promising the West African nation over $90 million in gifts and loans.

 

 

Reuters News

Chinese President Hu Jintao is on his first foreign tour of 2009, which includes four African states -- Mali, Senegal, Tanzania and Mauritius. Business is booming between China and Africa in commodities and energy.

 

 

Agence France Presse

President Hu Jintao promised Thursday that China would step up its investment in Africa as Beijing looked to his whirlwind tour of Africa to shake off accusations it exploits the continent.

 

 

China Daily

President Hu Jintao's upcoming visit to four African countries will show that China's commitment to the continent reaches beyond business and resources, a senior diplomat said.

 

 

Mail and Guardian

China's quest to show it is a responsible power in grim economic times moves to Africa this week, where President Hu Jintao will seek to both reassure and temper hopes of aid and investment.

 

 

Reuters News

China hopes a trip to Africa by President Hu Jintao next week will show his nation's commitment to the continent reaches beyond oil, mines and deals, a senior diplomat said on Friday.

 

 

Xinhua News Agency

Chinese President Hu Jintao will be discussing a wide range of cooperation issues on his tour of Africa and Saudi Arabia this month -- not just energy and resources, Chinese Assistant Foreign Minister Zhai Jun stressed Thursday.

 

 

The Associated Press

Chinese President Hu Jintao sent greetings Wednesday to Sudan's leader and pledged strong support for the African nation, which is riven by fighting among several armed factions.

 

 

Reuters News

Oil-rich Angola has become China's largest trade partner in Africa, with bilateral trade hitting an all time high of $25.3 billion last year, Xinhua news agency said on Monday.

 

 

The Economic Times

Chinese state-run oil majors CNOOC and Sinopec are learnt to have emerged frontrunners for the acquisition of 30% stake in an oil block in Angola from the US-based Marathon Oil. ONGC Videsh (OVL), the overseas arm of Oil & Natural Gas Corp, is also a contender for the stake. The successful bidder will have to pay about $1.8 billion for the stake.