& Tobago

Very usefull links


News links




Dow Jones

Oil price



Views and News




CNOOC to boost exploration spending, signs strategic deals



By Reuters

Petroleumworld 12 20 2018

China's CNOOC Ltd indicated a renewed commitment to oil and gas exploration on Tuesday as its chairman said it would raise spending to a record while signing strategic exploration agreements with nine firms for the South China Sea.

The strategic agreements cover Blocks A and B in the Pearl River Mouth Basin in the northern section of the South China Sea, offshore Guangdong province.

The nine firms involved include Chevron Corp, ConocoPhillips, Equinor, Husky Energy Inc, Kuwait Foreign Petroleum Exploration Co, Australia's Roc Oil, Royal Dutch Shell, SK Innovation and Total.

All of these firms have existing exploration and production operations in China.

The agreements follow increased efforts by China's state oil and gas producers PetroChina, Sinopec Corp and CNOOC to boost domestic oil and gas drilling, after a call by President Xi Jinping to boost domestic energy supply security.

The strategic cooperation agreements cover mostly geologically challenging ultra-deepwater, high pressure or low permeability reservoirs, Wood Mackenzie Analyst Andrew Harwood said in a note on Wednesday.

“Should these Strategic Cooperation Agreements progress into full exploration contracts, CNOOC will retain operatorship,” said Harwood, adding that the basin is believed to hold significant deepwater gas and shallow water oil potential.

The comments on the increased spending came from CNOOC Chairman Yang Hua at a company event in Beijing on Tuesday where the agreements were announced.

“Currently the central government highly values oil and gas exploration and development and gave special directions,” Yang said, though he did not give details on the amount to be spent.

Yang said the government is likely to give favorable policies to oil companies to support their offshore oil and gas exploration.

Central government officials have met recently with executives from China's three state-owned oil majors - PetroChina, Sinopec and CNOOC - to discuss plans to boost China's crude oil and natural gas output, Yuan Guangyu, vice president of the CNOOC group said on the sidelines of the event.


We invite you to join us as a sponsor. Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.


Hit your target - Advertise with us

PW 300.000 plus request per week

Reporting by Meng Meng in Beijing and Chen Aizhu in Singapore; Writing by Florence Tan; Editing by Tom Hogue and Christian Schmollinger from Reuters.

12 19 2018

Copyright© 1999-2018 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1




Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.