China National Offshore Oil Corp. has signed strategic cooperation agreements with nine international oil companies for possible development of two areas in the Pearl River Mouth basin offshore China.
“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,” said a statement by subsidiary CNOOC Ltd.
Area A covers 15,300 sq km with water 80-120 m deep and is open for strata below the Paleogene Enping formation.
Area B, covering 48,700 sq km in 500-3,000 m of water, is open for all strata.
Companies entering the agreements are Chevron, ConocoPhillips, Equinor, Husky Energy, KUFPEC, Roc Oil, Shell, SK Innovation, and Total.