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China signs agreements with oil majors, opens its fields

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Staff Writer | December 19, 2018
Royal Dutch Shell
Asia   64,000m2 in the Pearl River basin

China signaled its openness for business with a raft of deals that would give oil majors new opportunities to develop offshore fields in partnership with the nation’s biggest maritime explorer.

China National Offshore Oil Corp (CNOOC) said in Beijing that it had inked oil and gas accords with nine firms.

The signing ceremony followed Chinese President Xi Jinping’s address to Chinese Communist Party cadres marking 40 years of reform and broadly underlining the nation’s commitment to global trade.

The agreements cover 64,000m2 in the Pearl River basin, to a depth of up to 3,000m.

In addition to the Netherlands-based Shell, France’s Total SA and US-based Chevron Corp were also awarded parcels.

All three majors hold existing production sharing contracts (PSCs) with CNOOC.

The other firms involved are: ConocoPhillips, Equinor ASA, Husky Energy Inc, Kuwait Foreign Petroleum Exploration Co, Roc Oil Co and SK Innovation Co.


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