CNOOC inks cooperation agreements with 9 international oil companies

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CNOOC Limited on December 18, 2018 announced that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, ConocoPhillips, Equinor, Husky, KUFPEC, Roc Oil, Shell, SK Innovation and TOTAL.

As a result, the company will be pursuing deep water exploration opportunities offshore China.

“According to the agreements, the Strategic Cooperation Areas are located in the Pearl River Mouth Basin offshore China, including Area A and Area B (existing mining license areas and the contract areas are not included). Area A is approximately 15,300 square kilometers, with a water depth of 80-120 meters and only open for the deep layers below Enping Formation of Paleogene. Area B is approximately 48,700 square kilometers, with a water depth of 500-3,000 meters and open for all the layers,” CNOOC said in a press release.

It said that the agreements will facilitate the establishment of long term and stable cooperation and share the development opportunities to a certain extent in the Strategic Cooperation Areas, creating conditions for the final signing of contracts. It noted that CNOOC Limited, as an independent oil and gas exploration and production company, is the only vehicle through which CNOOC engages in exploration, development, production and sale of crude oil and natural gas.

CNOOC through CNOOC Nexen Petroleum Guyana Limited holds 25 percent stake in the Stabroek Block offshore Guyana along with HESS (30 percent) and ExxonMobil (45 percent).