CNOOC eyes foreign partners for blocks
Source: Bloomberg News |
May 27, 2011, Friday
|
Print Edition
Print Edition
CHINA National Offshore Oil Corp sought foreign partners to develop 19 blocks off the Chinese coast as the country's biggest offshore oil and gas producer stepped up deepwater exploration.
The deepest block reaches a sea depth of 3.5 kilometers, the parent of CNOOC Ltd said in a statement on Tuesday on its website. That compares with a maximum depth of 300 meters in blocks offered to foreign companies in May last year.
China National Offshore will spend 350 billion yuan (US$54 billion) on energy production off the coast in the next five years to help supply the world's fastest-growing major economy, China Central Television reported in February. The Beijing-based company launched its first semi-submersible oil rig capable of operating in waters 3 kilometers deep this week.
The 19 blocks cover 52,006 square kilometers in the South China Sea, according to the statement. China National Offshore said on May 7 last year that it offered 13 blocks offshore China covering an area of 41,713 square kilometers.
Foreign explorers that have partnered with China National Offshore and CNOOC in the South China Sea include Husky Energy Inc, the Canadian oil firm controlled by Hong Kong billionaire Li Ka-shing, and BG Group Plc.
The deepest block reaches a sea depth of 3.5 kilometers, the parent of CNOOC Ltd said in a statement on Tuesday on its website. That compares with a maximum depth of 300 meters in blocks offered to foreign companies in May last year.
China National Offshore will spend 350 billion yuan (US$54 billion) on energy production off the coast in the next five years to help supply the world's fastest-growing major economy, China Central Television reported in February. The Beijing-based company launched its first semi-submersible oil rig capable of operating in waters 3 kilometers deep this week.
The 19 blocks cover 52,006 square kilometers in the South China Sea, according to the statement. China National Offshore said on May 7 last year that it offered 13 blocks offshore China covering an area of 41,713 square kilometers.
Foreign explorers that have partnered with China National Offshore and CNOOC in the South China Sea include Husky Energy Inc, the Canadian oil firm controlled by Hong Kong billionaire Li Ka-shing, and BG Group Plc.
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