ERHC Energy Inc (ERHE)

[oil-cowboy]

This is what were here for. The US can make us look like crooks, thieves, but China doesn't care. They don't want the oil, they need the oil, and badly. Its all good.

Posted by Kuxe

China rumoured to bid 2 B$ for Devon`s GoG Assets

CNPC Reportedly Bidding for Devon's African O&G Assets

AFX News Limited 8/9/2007

URL: http://www.rigzone.com/news/article.asp?a_id=48802

China National Petroleum Corporation (CNPC), the country's biggest oil producer, bid US $2 billion for the west African oil and gas assets of the US group Devon Energy Corp, the South China Morning Post reported.

Citing market sources, the report said CNPC's rival bidder is India's Oil and Natural Gas Corp, which has also put in a bid.

The assets involve proven and estimated reserves of 300 million barrels of oil equivalent in Equatorial Guinea, the Ivory Coast, Nigeria, Gabon, Ghana and Angola, the report said.

Africa is central to the efforts of China's state-owned oil companies to boost production from overseas holdings to 1 million barrels per day.

CNPC's biggest overseas production base is in Sudan.

Copyright 2007 AFX News Limited. All Rights Reserved.

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