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Page added on July 19, 2012

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PetroChina, African Petroleum may sign deal for Africa blocks

PetroChina, African Petroleum may sign deal for Africa blocks thumbnail

BEIJING, July 18 (Reuters) – PetroChina , Asia’s largest oil and gas producer, said it had signed a memorandum of understanding with African Petroleum Corp for a strategic investment in Africa.

PetroChina has been given until Aug. 31 to agree an investment in up to 20 percent of Block LB-09 in Liberia and up to 20 percent in one or more exploration blocks in The Gambia, Ivory Coast, Liberia, Senegal and Sierra Leone, African Petroleum said on Wednesday.

The value of the deal has not been agreed and the deal is subject to government, regulatory and other approvals, African Petroleum said.

The deal could be worth in excess of $1 billion, the Wall Street Journal reported, citing a person familiar with the matter.

“The transaction is still going on. The deal is still under negotiation,” a PetroChina official said.

African Petroleum is focusing on the exploration of Blocks LB-08 and LB-09 located offshore Liberia, West Africa, covering approximately 7,200 square kilometres. (Reporting by Wan Xu and Ken Wills; Editing by Dan Lalor).

Reuters

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