Eighteen bidders took part in China National Offshore Oil Corp’s (CNOOC) liquefied natural gas (LNG) auction on the Shanghai Petroleum and Gas Exchange on Wednesday, an official at the state-controlled oil company involved in the sale said.
The 90,000 tonnes of LNG were sold within 30 minutes of the auction start in the morning, the official said. He declined to be named as he is not authorised to speak to the press, according to a Reuters report.
CNOOC Nexen is part of the CNOOC group of companies, which is the largest offshore oil and gas producer in China with its headquarters in Beijing. The company owns a 25% interest in the Stabroek Block in Guyana, along with partners Hess (30% interest) and ExxonMobil as operator (45% interest).