CNOOC, Fujian province to invest in gas market development

China National Offshore Oil Corp. and China's Fujian province made a joint investment commitment for gas market development in the province. Both parties intend to increase gas supply from all viable sources.

Oct. 23, 2001

By the OGJ Online Staff

HOUSTON, Oct. 23 -- China National Offshore Oil Corp. and China's Fujian province have made a joint investment commitment for gas market development in the province.

Both parties intend to increase gas supply from all viable sources, including offshore exploration and overseas. Both intend to explore the feasibility of importing liquefied natural gas, and both will invest in gas-fired power plants and related infrastructure, said CNOOC affiliate CNOOC Ltd.

CNOOC Ltd. has the option to take its parent's working interest in potential investment projects.

"The agreement commits CNOOC and Fujian to increasing clean fuel consumption in Fujian. The joint commitment of the provincial government and an industry leader gives a powerful backing to the investment initiative," said Wei Liucheng, chairman and CEO of CNOOC Ltd. "It is also another very important step forward in implementing CNOOC's natural gas strategy."