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CNOOC signs offshore exploration deals with nine international oil companies

  • Author
  • Eric Yep
  • Editor
  • Elizabeth Thang
  • Commodity
  • Oil

Singapore — State-run China National Offshore Oil Corp. Tuesday said it has signed agreements with nine international oil companies, including oil majors, for offshore exploration in the Pearl River Mouth Basin in southern China.

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The agreements were signed with Chevron, ConocoPhillips, Equinor, Husky, Kuwait Foreign Petroleum Exploration Co or KUFPEC, Roc Oil, Royal Dutch Shell, SK Innovation and Total, CNOOC said in a statement.

CNOOC said the exploration will be conducted in the Pearl River Mouth Basin in offshore China, covering Area A that lies at a depth of 80-120 meters and Area B at a depth of 500-3,000 meters.

The Pearl River Mouth Basin is located in the northern part of the South China Sea and contains both shallow and deepwater plays that companies have been involved in. The region contains Husky's Liwan gas discovery that led to the Liwan Gas Project, the first deepwater gas project offshore China.

Oil and gas exploration and production company CNOOC said the latest agreements will not include existing mining license areas and contract areas.

"The agreements will facilitate the establishment of a 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," CNOOC added.

-- Eric Yep, eric.yep@spglobal.com

-- Edited by Elizabeth Thang, newsdesk@spglobal.com