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CNOOC Ltd in offshore China pact with Sinopec

State-controlled giants pair up in effort to improve exploration efforts in select areas

Chinese state giants CNOOC Limited and Sinopec have teamed up in an agreement covering operations in select areas off China, including in the Beibu Gulf.

The co-operation framework agreement, struck between respective subsidiaries CNOOC China and China Petroleum & Chemical Corporation, will also see the pair work together in the Bohai basin, South Yellow Sea and North Jiangsu basin.

The collaboration, to be rolled out over the next three years, will involve joint studies, joint exploration work and facilities sharing in the selected offshore areas.

The companies will also share data and conduct joint studies in the Yellow River Mouth sag, the Qingdong sag, the eastern part of the Bodong sag in the Bohai basin, the southwestern Weizhou and Xuwen areas of the Beibu Gulf basin, the North Jiangsu basin and blocks in the eastern South Yellow Sea basin.

“This co-operation will promote the distribution of sedimentary facies belts and enhance the understanding of the regularity of hydrocarbon accumulations in co-operative blocks and potential structures in the basins in order to make the optimisation of potential exploration zones and targets more specific, reduce exploration risks and improve the success rate of exploration wells,” CNOOC Limited said.

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