CNPC beats out seven companies for Niger’s Agadem Block
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CNPC has been awarded the highly coveted Agadem Block in the eastern Diffa region bordering Chad. The Chinese state oil company signed an agreement with the Niger authorities to invest US$ 5 billion with the drilling of a minimum of 18 exploration wells over the next eight years, 11 of them within four years. The project also includes the acquisition of 4,000km of 2D seismic and the building of a refinery with a capacity of 20,000 b/d and a 2,000km pipeline. The Niger government estimates the proven oil reserves in Agadem block at 324 MMbo. In October 2007, CNPC was one of eight companies that submitted bids for what is considered Niger's most attractive asset, the 27,660 sq km tract in the Termit Trough, Chad Basin. Other bidders were Petronas, Sonatrach, Burren Energy, South Africa Energetic, ATI Petroleum, Tullow and TransAfrican Energy.
This article is extracted from International Oil Letter, Vol 24 issue 23, published 9 June 2008.
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