Energulf Resources Inc. ENGFF

ENG-HypeGlobe/DJ say EnerGulf sees CNOOC move on Nigeria's Akpo EnerGulf Resources Inc (TSX-V:ENG) Shares Issued 23,349,707 Last Close 1/9/2006 $2.80 Tuesday January 10 2006 - In the News The Globe and Mail reports in its Tuesday, Jan. 10, edition that EnerGulf Resources, which drills for oil offshore Nigeria, is getting a new neighbour. A Dow Jones dispatch to The Globe reports that a unit of China National Offshore Oil is spending $2.27-billion (U.S.) buying a 45-per-cent stake in a Nigerian offshore oil and gas field. CNOOC Ltd. will invest an extra $2.25-billion (U.S.) that is required to develop the field. The deal is subject to approval by the Nigerian National Petroleum Corp. and the Chinese government. The Nigerian deal is CNOOC's biggest acquisition outside Asia. Total runs the Akpo field. Atlantic Petroleum owns the field. South Atlantic is owned by Theophilus Danjuma. Mr. Danjuma is a former Nigerian defence minister. Energy consultant Wood Mackenzie estimated Akpo's recoverable reserves of light oil condensate at 620-million barrels. At peak production, the fields are expected to produce 225,000 barrels of oil a day, says Total. China's oil companies have been on the prowl globally trying to secure oil resources to keep up with booming economic growth. CNOOC, however, plans to sell Akpo's oil and gas to Europe and the United States, rather than China. © 2006 Canjex Publishing Ltd.