• 5 minutes Iran Says It Arrested 17 CIA Spies, Some Sentenced To Death
  • 9 minutes Will We Ever See 100$+ OIL?
  • 13 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 30 mins Platts says if Iran's 2 mm bbls exports comes back on market oil goes to $40 . . . What about new Permian pipelines 2.47 mm bbls coming ? . . . WHAT IF BOTH IRAN AND PERMIAN TOTAL 4.47 mm added bbls . . . OMG !
  • 21 hours Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 13 hours Renewables provided only about 4% of total global energy needs in 2018
  • 6 hours Today President Trump Questioned U.S. Policing the Straits of Hormuz for Rich Asian Countries. Allies Britain and Japan were asked to participate. Said NO. US spends $100 Billion/year Protecting Mideast Shipping Lanes!
  • 3 hours Millions of Barrels of Iranian Oil Are Piled Up in China’s Ports
  • 1 hour So You Think We’re Reducing Fossil Fuel? — Think Again
  • 5 hours N.Y. Governor Signs Climate Bill
  • 1 day Berkeley becomes first U.S. city to ban natural gas in new homes
  • 9 hours Oil Giant Saudi Arabia Is Set to Start First Wind-Power Plant
  • 2 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 1 day How is E&P of Marginal Oil on the UKCS Similar to the Shale Oil Operations in the US?
  • 9 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 1 day Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House

China’s CNOOC Signs Oil, Gas Exploration Deals With 9 Foreign Firms

Offshore rig

China National Offshore Oil Corporation (CNOOC) has signed strategic cooperation agreements for oil and gas exploration offshore China with nine international companies including oil majors Chevron, ConocoPhillips, Shell, Total, and Equinor.

CNOOC and the nine companies—Chevron, ConocoPhillips, Equinor, Husky, KUFPEC, Roc Oil, Shell, SK Innovation, and Total—will share development opportunities in strategic cooperation areas located in the Pearl River Mouth Basin offshore China, CNOOC’s exploration and production company CNOOC Limited said in a statement on Tuesday.

“The agreements will facilitate the establishment of a long term and stable cooperation and share the development opportunities to a certain extent in the Strategic Cooperation Areas, creating conditions for the final signing of contracts,” CNOOC said.

Chinese companies are trying to tap more resources at home to replace dwindling production at mature oil and gas fields while China’s oil and gas demand continues to grow.

Earlier this year, China National Petroleum Corporation (CNPC) advanced a strategic partnership with Brazil’s Petrobras and agreed to cooperate with Norway’s Equinor in oil and gas projects, in a push to boost its global footprint and Chinese gas production.

China’s biggest energy producers are tapping more tight oil and gas wells, aiming to increase domestic oil and natural gas production at the world’s largest crude oil importer and what will soon be the world’s top natural gas importer.

As part of a government push to boost domestic energy supply, CNPC and Sinopec are raising investments to increase local oil and gas production and are accelerating drilling at tight oil and gas formations in western China. Domestic natural gas production has been rising in recent months, but the growth rate hasn’t been even close to meeting the booming demand due to the cleaner-fuel/cleaner-air government policies.

Domestic oil production, on the other hand, has been falling due to the depletion of mature conventional oil fields. Desperate to meet this need, Chinese President Xi Jinping has ordered the state-held companies to boost domestic production of oil and gas, and firms are starting to follow the policy.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play