China has become the world's third-largest country doing mergers and acquisitions in Africa, favoring the oil and gas sector, according to a report by international law firm Freshfields Bruckhaus Deringer released on Monday.

The country made 49 M&A deals totaling $20.8 billion in Africa since 2003, following the United Kingdom with $30.5 billion and France with $30.47 billion.

The value of African inward investment has tripled in the last 10 years reaching more than $182 billion, up 214 percent in 2012 compared with 2003.

"Africa's rapid pace of growth makes it an obvious investment partner for China in many jurisdictions," said Rob Ashworth, Freshfields Asia's managing director.

Chinese dealmakers favor the natural resources sector with $8.1 billion invested in oil and gas across three deals and $6.7 billion invested across 19 deals in metals and mining over the last 10 years, and their preference for these sectors will likely continue, said the report.

Globally, there were 1,190 M&A deals totaling $87.6 billion done in Africa over the same period.