China National Offshore Oil Corporation to make $3M gas investment
The China National Offshore Oil Corporation (CNOOC) is planning a $2.93 million oil and gas investment on a petroleum project in Zhuhai, Guangdong Province. The project will be a base for natural gas exploration and is expected to begin this year. CNOOC has already inked a deal with the government of Zhuhai to outline areas of cooperation between the oil and gas company and the province.
CNOOC’s proposed natural gas base is expected to cover 1.5 square kilometers with a deepwater coastline up to 1500 meters and will produce equipment and facilities for offshore oil and gas exploration and development to a depth of up to 3000 meters. The initial investment will be nearly a quarter million dollars.
The China National Offshore Oil Corporation has also announced plans to speed up the exploration and development of oil and natural gas in the South China Sea along with additional business related to its oil and gas efforts in the region, such as power generation and chemical products.
There have been reports that CNOOC and Husky Energy, based in Canada, have discovered a natural gas field in the South China Sea with potential reserves of more than 150 billion cubic meters. The China National Offshore Oil Corporation is currently the dominant player in the Pearl River Delta liquefied natural gas market. The oil and gas company has liquefied natural gas deals in place with a number of nations including Indonesia, Malaysia and Australia.
With the announcements of the oil and gas investment and accelerated South China Sea development, CNOOC has promised to continue pushing the offshore natural gas and Zhuhai liquefied natural gas projects forward.
The China National Offshore Oil Corporation is China’s largest offshore oil and gas company.
Sources for this post include TradingMarkets.com and ChinaNewswires.
Published Friday, May 15th, 2009 at 4:33 am and filed under Industry News.