CNOOC, PNOC ink deal to explore for oil, gas in South China Sea

Nov. 11, 2003
CNOOC Ltd. reported that its parent company, China National Offshore Oil Corp. has inked a letter of intent with PNOC Exploration Corp. to commence a joint oil and natural gas exploration and development program in the South China Sea.

By OGJ editors

HOUSTON, Nov. 11 -- CNOOC Ltd. reported Monday that its parent company, China National Offshore Oil Corp. has inked a letter of intent with PNOC Exploration Corp. to commence a joint oil and natural gas exploration and development program in the South China Sea.

In the LOI, CNOOC Ltd. and PNOC agreed to form a "joint working committee" to select possible areas in the South China Sea suitable for E&D projects.

Also, the firms agreed to "engage in a joint program to review, assess, and evaluate available relevant geological, geophysical, and other technical data and information to determine the oil and gas potential of the area," the companies said.

CNOOC Ltd. has interests in 45 oil and gas properties in four primary producing areas: Bohai Bay, Western and Eastern South China Sea, and East China Sea.