China goes after Nigeria's oil

Via Tom Burgis writing in the FT:

A Chinese state-owned oil company is in talks with Nigeria to buy large stakes in some of the world’s richest oil blocs in a deal that would eclipse Beijing’s previous efforts to secure crude overseas.

The attempt could pitch the Chinese into competition with western oil groups, including Shell, Chevron, Total and ExxonMobil, which partly or wholly control and operate the 23 blocks under discussion. Sixteen licences are up for renewal.

Most prominently, CNOOC is hoping to buy 6 billion barrels of oil, equivalent to one in every six barrels of proven reserves in Nigeria. While the overall value of the offer has not been disclosed, some sources suggest that it caps somewhere around the $50 billion mark. Another issue yet to be disclosed is that of how the Nigerian government plans to allocate equity in the oil blocks; some suspect that it may involve forcing western groups to relinquish their stakes. Bring on the fireworks.

Noteworthy...

Hello (!), and thanks very much for being so patient while I transitioned back to an Oxonian existence. I'm nearly all settled and on something resembling a routine, which is quite exciting. Research productivity is still a matter to be tackled, but I'm getting there... slowly, slowly.

News while I was away? - Lots, really! Below is a little collection of stories which caught my attention when I finally sat down to catch-up on the world's goings-on. These are but several among many, to be sure:

• Owen Barder on when innovative finance is good for development - and when it isn't
• Despite China's rapid economic rebound in recent months, many Chinese companies are still operating at a lower level of activity than they had achieved in the boom years
• American chicken feet may be the US's saving grace in its recent (and ongoing) trade war with China
• Nestle is in a bit of a bind as it has been discovered that the company purchases milk from a Zimbabwean farm seized from its white owners and now owned by Mugabe's wife. Now that's a "whoops" moment if I ever saw one...
• The 24 September edition of the Economist had a wonderful special report on the positive potential of mobile money in Africa
• Writing in the European Voice, Jonathan Holslag and Gustaaf Geeraerts argue that Europe should expect to see a more assertive China in the coming years
• A rather biting review of Paul Collier's book, Wars, Guns & Votes written by Dr. Mutuma Ruteere, Research Fellow at the University of Cape Town. The review is written from an anti-imperialist, anti-interventionist tone; certainly worth your time