Completed Commercial AidData Chinese Aid

China Eximbank provides $1.6 billion loan to facilitate CNOOC’s acquisition of 45% working interest in offshore Oil Mining License 130 (OML130) in Nigeria from South Atlantic Petroleum Limited

¥1.6M RMB

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	China National Offshore Oil Corporation (CNOOC)
Country	Nigeria
Start Date	Jan 08, 2006
End Date	Oct 13, 2026
Duration	7,583 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`105520`

Grant Description

China Eximbank provides $1.6 billion loan to facilitate CNOOC’s acquisition of 45% working interest in offshore Oil Mining License 130 (OML130) in Nigeria from South Atlantic Petroleum Limited On January 8, 2006, CNOOC Exploration & Production Limited signed a definitive (sales and purchase) agreement with South Atlantic Petroleum Limited (SAPETRO) to acquire a 45% working interest (ownership stake) in the offshore Oil Mining License 130 (OML 130) in Nigeria for $2.268 billion in cash.

To facilitate the acquisition, CNOOC Limited secured a $1.6 billion (RMB 12.8 billion) unsecured loan from China Eximbank.

📋 Loan / Grant Terms

💰 Loan Amountcarried the following borrowing terms: a 10-year maturity (final maturity date: 2016)

📅 Maturity10 years

⏳ Grace Period6 years

💹 Interest Rate4.05%

The borrower was responsible for making repayments between 2012 and 2016. The borrower had the right of early repayment without penalty.

Then, on April 20, 2006, CNOOC Limited — via CNOOC E&P Nigeria Limited — completed its acquisition at a total consideration of $2.268 billion plus a working capital adjustment of $424 million for financial, operating and capital expenditures. The Akpo Field in OML 130 began production in 2009 and the Egina Field began production in 2019.

📋 Staff Comments

CNOOC E&P Nigeria Limited, a wholly-owned subsidiary of CNOOC Limited, holds 45% interest of OML 130 block, in partnership with the Nigerian National Petroleum Corporation (NNPC). Total Upstream Nigeria Limited, which holds 24% interest, is the operator, while Petrobras Oil and Gas BV holds 16% interest and South Atlantic Petroleum-SAPETRO holds 15% interest.
The sale and purchase agreement between CNOOC Exploration & Production Limited and SAPETRO can be accessed in its entirety via https://www.sec.gov/Archives/edgar/data/1095595/000090514806004517/efc6-1567_ex449.txt.

📚 Sources & References

CNOOC gets low-rate 12.8b yuan loan
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Form 20-F
SALE AND PURCHASE AGREEMENT - relating to - 90% Contractor interest in a Production Sharing Contract in respect of NNPC's 50% interest in OML 130
Federal Republic of Nigeria
The Fact and Fiction of SinoAfrican Energy Relations
Nigeria Deepwater reserves deliver steady production
CNOOC Limited Closes Nigerian Deal
CNOOC interim report
CNOOC topics-Investment
Production commences from Egina Field, offshore Nigeria
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934
DISCLOSEABLE TRANSACTION RELATING TO ACOUISITION OF INTERESTS IN OFFSHORE NIGERIAN OIL MINING LICENSE AND RESUMPTION OF TRADING
SHARE OPTION SCHEME
Standard Chartered leads $1.2b NNPC-Chevron'sJV financing Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.