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News // Asia

CNOOC, Canadian Sub in China to Jointly Explore Deepwater Offshore China

11 August 2006 , 10:07555
China National Offshore Oil Corporation has signed an agreement with the Chinese subsidiary of Canada's Husky Oil Limited to explore deepwater areas of offshore China, CNOOC announced Wednesday.

The Hong Kong- and New York-listed company said the targeted areas include three blocks; one in Eastern South China Sea and two in the sea's west, covering a combined area of more than 16,800 square kilometers.

The CNOOC said it will have the right to hold 51 percent interest in any commercial discoveries in the blocks.

Under the terms of the contract, Husky Oil China Limited has committed to acquiring seismic data and drilling exploration wells.

The CNOOC's vice president, Zhu Weilin, said he believed that the huge potential of deepwater areas will bring new development opportunities for CNOOC and its partners.

The CNOOC has signed ten production sharing contracts with Husky, three of which are in deepwater areas.

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