JPT CNOOC, Several International Firms Sign Agreements for Areas Offshore China

SPE.org 

China National Offshore Oil Corporation (CNOOC) has signed strategic cooperation agreements with nine international firms for two offshore areas in the Pearl River Mouth Basin off China. State-owned CNOOC said the agreements—which include Chevron, ConocoPhillips, Equinor, Husky, KUFPEC, Roc Oil, Shell, SK Innovation, and Total—are a first step in establishing what could be long-term cooperation on exploration and development of offshore Areas A and B. Each international firm has existing upstream operations in China. The 15,300-sq-km Area A lies in 80–120 m of water. Firms are open to explore its deep layers below the Paleogene Enping formation. The 48,700-sq-km Area B lies in 500–3,000 m of water.