CNOOC sells stake to cut risk
Source: Bloomberg News |
May 31, 2011, Tuesday
|
Print Edition
Print Edition
CNOOC Ltd, China's biggest offshore oil producer, has sold a 25 percent stake in a license to explore for hydrocarbons in Qatar to France's Total SA as the Chinese company seeks to reduce risk.
The Beijing-based producer, which secured rights to the offshore concession two years ago, will retain a 75 percent stake and operate the area called Block BC, it said in an e-mailed statement. "Through this transaction, both companies will share exploration risks and further strengthen cooperation," Cnooc said.
Qatar, the world's biggest exporter of LNG, has awarded three exploration and production licenses in the past two years as it seeks to raise output outside the North Field, the world's biggest gas reservoir. The Persian Gulf sheikhdom ordered a halt in new development at the field until at least 2014.
CNOOC inked a 25-year deal for Block BC, its first exploration venture in the Middle East, with Qatar Petroleum in August 2009. It said at the time it would invest US$100 million and drill three wells in five years.
JX Nippon Oil & Gas Exploration Corp signed a 30-year contract with Qatar Petroleum earlier this month to explore for gas off the emirate's northeastern coast, in an area called Block A. China National Petroleum Corp and Royal Dutch Shell Plc reached a 30-year agreement in May 2010 to explore Block D.
The Beijing-based producer, which secured rights to the offshore concession two years ago, will retain a 75 percent stake and operate the area called Block BC, it said in an e-mailed statement. "Through this transaction, both companies will share exploration risks and further strengthen cooperation," Cnooc said.
Qatar, the world's biggest exporter of LNG, has awarded three exploration and production licenses in the past two years as it seeks to raise output outside the North Field, the world's biggest gas reservoir. The Persian Gulf sheikhdom ordered a halt in new development at the field until at least 2014.
CNOOC inked a 25-year deal for Block BC, its first exploration venture in the Middle East, with Qatar Petroleum in August 2009. It said at the time it would invest US$100 million and drill three wells in five years.
JX Nippon Oil & Gas Exploration Corp signed a 30-year contract with Qatar Petroleum earlier this month to explore for gas off the emirate's northeastern coast, in an area called Block A. China National Petroleum Corp and Royal Dutch Shell Plc reached a 30-year agreement in May 2010 to explore Block D.
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