China's CNOOC Oil Giant Signs Cooperation Agreements With 9 Foreign Firms - Statement

The China National Offshore Oil Corporation (CNOOC) said on Tuesday it had signed strategic cooperation agreements with nine international oil companies.

MOSCOW (UrduPoint News / Sputnik - 18th December, 2018) The China National Offshore Oil Corporation (CNOOC) said on Tuesday it had signed strategic cooperation agreements with nine international oil companies.

"CNOOC Limited ... announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, ConocoPhillips, Equinor, Husky, KUFPEC, Roc Oil, Shell, SK Innovation and TOTAL (in alphabetical order)," the statement said.

The agreements focus on the strategic cooperation areas located in the Pearl River Mouth Basin offshore China, including Area A and Area B.

"Area A is approximately 15,300 square kilometers [some 6,000 square miles], with a water depth of 80-120 meters [262-393 feet] and only open for the deep layers below Enping Formation of Paleogene. Area B is approximately 48,700 square kilometers, with a water depth of 500-3,000 meters and open for all the layers," the statement noted.

According to CNOOC, the signed agreements will promote long-term and stable cooperation and will allow using development opportunities of the strategic cooperation areas.