• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 5 mins Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 37 mins The Inconvenient Truth Of Electric Cars
  • 6 hours California and Oil
  • 5 hours The Plastics Problem
  • 9 hours Win Against Tyranny: Turkey's Opposition Strikes Blow To Erdogan With Istanbul Mayoral Win
  • 6 mins NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 8 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 3 hours Hydrogen FTW... Some Day
  • 3 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 1 hour Oil Demand Needs to Halve: Equinor
  • 9 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 20 hours What's more Important Iran Nuke Deal or Strong China Trade Deal. Hypothetically, If China offered Trump North Korean and Iran deals in exchange for concessions on trade deal should he take it ?
  • 18 hours Solar Panels at 26 cents per watt
  • 13 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
Iran: A Geopolitical Time Bomb

Iran: A Geopolitical Time Bomb

Oil markets have turned particularly…

Norway Oil Official To Discuss Cooperation With China’s CNOOC

Offshore

A deputy minister at the Norwegian petroleum ministry will talk about possible cooperation with China’s oil producer CNOOC on Thursday, before Norway’s Prime Minister visits China later this week in a sign that the two countries were continuing to patch up relations that were frozen in 2010 when Chinese dissident Liu Xiaobo was awarded the Nobel Peace Prize.  

In December last year, Norway and China fully restored political and diplomatic relations. Now, Norway’s Prime Minister Erna Solberg will visit Beijing between April 7 and 10 and will meet President Xi Jinping, Prime Minister Li Keqiang, and other officials, to renew political and economic cooperation with China.

According to officials who spoke to Reuters, now a deputy oil minister from Norway will be meeting with executives from the biggest Chinese offshore producer, CNOOC, which had said back in 2010 that it would be interested in doing business in Norway.   

Given Norway’s existing and potential offshore oil and gas resources and Statoil’s status of an international oil major, on the one hand, and China’s energy demand on the other hand, both countries could benefit from boosting oil ties.

Norway and CNOOC are not complete strangers, even when relations between the Nordic country and China were frozen.

Back in 2013, Norway said it would join CNOOC in exploring for oil offshore Iceland. Under a treaty from 1981, Norway has the right to take a 25-percent stake in Iceland’s oil licenses.   

Related: World’s Biggest LNG Exporter Just Raised The Stakes

The following year, in October 2014, CNOOC and its Canadian subsidiary Nexen Inc. were interested in buying seismic data for an area in Norway’s Arctic, in the Barents Sea, according to an email of the companies to the Norwegian Petroleum Directorate that Bloomberg had obtained.   

Apart from the Iceland license for exploration, CNOOC’s closest current operations near Norwegian waters are in offshore UK, where it has a 43.2-percent interest in the Buzzard oil field and a 36.5-percent stake in the Golden Eagle oil field. 

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