China's CNOOC Teams With Nine Foreign Firms to Explore Oil, Gas in South China Sea
Dou Shicong
/SOURCE : yicai
China's CNOOC Teams With Nine Foreign Firms to Explore Oil, Gas in South China Sea

 

(Yicai Global) Dec. 19 -- Chinese state-owned energy giant China National Offshore Oil will partner with nine international oil companies including Royal Dutch Shell to seek oil and gas in the Pearl River Mouth basin in the northern part of the South China Sea.

CNOOC signed agreement with The Hague-based Royal Dutch Shell, California's Chevron, Houston's ConocoPhillips, France's Total, Norway's Equinor, Kuwait Foreign Petroleum Exploration, Calgary-based Husky Energy, Sydney-headquartered Roc Oil and South Korean SK Innovation in Beijing yesterday, state-backed The Paper reported.

CNOOC will continue to open up to the outside world, and explore flexible and diversified business cooperation patterns, Chairman Yang Hua, said at the signing ceremony. The Beijing-based firm will add investment in domestic offshore oil and gas exploration to increase new oil and gas reserves and achieve high-quality development.

The target area consists of two parts, the first of which covers an area of 15,300 square kilometers in the depth of water from 80 to 120 meters. Area B covers about 48,700 square kilometers from 500 to 3,000 meters underwater.

CNOOC has inked over 200 contracts with 81 international oil companies from 21 countries since its establishment in 1982. It has developed more than ten large oil and gas fields in China's territorial waters, while introducing foreign investment worth over CNY200 billion (USD29 billion).

Editor: Emmi Laine 

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Keywords: CNOOC , Royal Dutch Shell , Pearl River Mouth Basin