CNOOC Agreed to Explore Oil Field Cooperating with ENI
Posted: 06/23/2014 09:06:26 Edited: 06/23/2014 11:06:47 Clicks: 2462
China invited European petroleum corporations to exploit oil in the South China Sea jointly which caused international attention and considered as a new trend for the disputes on South China Sea. CNOCC reached an agreement to explore undersea oil field in the South China Sea with ENI jointly. The action may result in disputes falling into divergence and opposition in further and shows that the interests of international oil & gas industry about the South China Sea are increasing gradually.
The contract shows that the interests of international oil & gas industry about the South China Sea are increasing after Husky Energy held by Li Ka-shing, the magnate in Hong Kong starting to produce gas in Liwan 3-1 gas field in the South China Sea in March.
In the cooperating contract, the referred block called as 50/34 whose are is 2,000 square kilometers is located at basin of the South China Sea, in the south east of Hainan Province. CNOOC announced that the block was one of blocks for foreign biding published by CNOCC in 2012.
CNOCC reports that exploratory period of the block will continue six and a half years. ENI will afford all of exploring cost and it has right to participate in 51% of rights and interests about discovered oil and gas in block contained in the contract at most.
The South China Sea has extremely abundant oil and gas resources. The total oil resources are about between 2.3 trillion and 30 trillion tons and total gas resources are 160 trillion cubic meters in the South China Sea, accounting for 1/3 of total oil and gas resources in China.
The contract shows that the interests of international oil & gas industry about the South China Sea are increasing after Husky Energy held by Li Ka-shing, the magnate in Hong Kong starting to produce gas in Liwan 3-1 gas field in the South China Sea in March.
In the cooperating contract, the referred block called as 50/34 whose are is 2,000 square kilometers is located at basin of the South China Sea, in the south east of Hainan Province. CNOOC announced that the block was one of blocks for foreign biding published by CNOCC in 2012.
CNOCC reports that exploratory period of the block will continue six and a half years. ENI will afford all of exploring cost and it has right to participate in 51% of rights and interests about discovered oil and gas in block contained in the contract at most.
The South China Sea has extremely abundant oil and gas resources. The total oil resources are about between 2.3 trillion and 30 trillion tons and total gas resources are 160 trillion cubic meters in the South China Sea, accounting for 1/3 of total oil and gas resources in China.
