NATURAL RESOURCES - China turns on African charm

25 Sep 2007

Mainland energy majors have stepped up their search for oil and gas across Africa, often in troubled states. While they appear unconcerned with the social and ethical complexities involved, the change in their risk profile as they move out of traditional areas of expertise could test the faith of their institutional investors. And asset managers' tolerance is finite after all. Chris Wright reports.

Multinational oil and gas majors inevitably find themselves in some uncertain parts of the world: uncertain politically, uncertain ethically, uncertain geologically. It's just part of the business. But China National Offshore Oil Corp. (CNOOC) raised the bar for boldness in July when it struck a deal to explore ...

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