CNOOC, BP seal petroleum deal
- By Xu Lin
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E-mail China.org.cn, July 17, 2013
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China National Offshore Oil Corp, or CNOOC Group, signs a contract with BP on July 16 to jointly develop a deepwater block in the South China Sea. [Xinhua] |
China National Offshore Oil Corp, or CNOOC Group, signed a contract with BP on Tuesday to jointly develop a deepwater block in the South China Sea.
The block, known as 54/11, is located in the Pearl River Mouth Basin of the South China Sea. It covers an area of 4,586 square kilometers and is 370-2,300 meters deep.
According to the contract, BP will bear all of the project’s exploration costs. CNOOC will be the operator and is allowed to take a maximum of 51 percent in interests from any oil business and gas fields in the area.
BP already holds stakes in two deepwater blocks in the South China Sea, both of which are currently going through the exploration stage.
Yanghua, president of CNOOC, said that CNOOC has signed 200 petroleum contracts with 78 foreign partners from more than 20 countries and regions.
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