CNOOC, Sinopec to conduct joint studies

CNOOC China Ltd. and China Petroleum & Chemical Corp. (Sinopec) have signed a framework agreement to jointly study and explore several areas in China, mostly offshore.

The 3-year agreements also cover the sharing of offshore facilities.

The cooperative work will target the Yellow River Mouth Sag, Qingdong Sag, and the eastern Bodong Sag in the Bohai basin; the southwestern Weizhou and Xuwen areas of the Beibu Gulf basin; the North Jiangsu basin; and blocks in the eastern South Yellow Sea basin.