A subsidiary of China National Offshore Oil Corp. (CNOOC) will take a stake of 55.6 percent in the holder of licences to drill for oil in the Sinapa and Esperança areas off the coast of Guiné-Bissau, Reuters reports.
The news agency cites FAR Ltd, an Australian explorer for oil and gas, as its source.
FAR said the CNOOC subsidiary was buying its stake from Svenska Petroleum Exploration AB, which would keep a stake of 23.03 percent.
The report says FAR will keep a stake of 21.42 percent.
Once the exploratory drilling is finished, CNOOC can opt to become the operator of the joint venture that would exploit any oil found, converting its stake in the licensee to a stake of 50 percent stake in the joint venture, Reuters says.
