Hong Kong: China National Offshore Oil Corpï¼ˆCNOOCï¼‰said on Monday that it's making nine offshore blocks in the South China Sea available for joint operation with foreign companies.
According to an announcement on CNOOC’s website, the blocks are in 300-4,000 m deep water, seven of them are located in the Zhongjianan Basin and two are located in the Wan'an and Nanweixi basins, covering a total area of 160,124.38 sq km.
Cnooc started collaborating with international companies to develop its offshore oil fields in the 1980s. It owns 51% of the oil and gas output from the fields, while the foreign companies own the rest through providing capital and technology during the exploration stage.
CNOOC is also planning to build an FPSO for exploration of its Enping 24-2 oil field in South China Sea. Basic design is expected to be completed internally by August at which point an order will be placed at a Chinese yard via a public bidding process.
In the latest issue of SinoShip magazine, downloadable here at sinoshipnews.com, we have exclusive analysis of CNOOC’s present and future FPSO fleet. [26/06/12]