China oil firm buys into Nigeria

March is going to be a real pain in the ass when Iran converts to the Euro.

CNOOC, one of China's largest state-run oil and gas producers, has agreed to buy a stake in a Nigerian offshore oil and gas field for $2.3bn (£1.3bn). It will buy a 45% stake in the license covering the OML 130 field, which is owned by South Atlantic Petroleum and is in deep water near the Niger Delta. CNOOC is hunting overseas oil and gas assets to supply its domestic market. China's appetite for commodities such as oil and gas is second only to that of the United States. The OML 130 field covers almost 500 square miles, and was first discovered six years ago. It is reported to need billions of dollars of investment before it comes on stream in two years time.