CNOOC Limited has introduced that CNOOC China Limited, it is subsidiary, has signed a Cooperation Framework Agreement with China Petroleum & Chemical Corporation relating to the sea areas of Bohai, Beibu Gulf, and South Yellow Sea, in addition to North Jiangsu basin.
The Cooperation Framework Agreement shall be applied in three years via joint study, joint exploration, and facility sharing in several sea areas. Beneath the framework, each party has signed three joint study agreements, individually, Joint Study Agreement on Bohai basin, North Jiangsu basin, and South Yellow Sea basin, Beibu Gulf basin. Each party will share information and perform revolutionary joint research within the Yellow River Mouth Sag, the Qingdong Sag and the eastern a part of Bodong Sag within the Bohai basin, in addition to southwestern Weizhou and Xuwen areas of Beibu Gulf basin, the North Jiangsu basin and the blocks in eastern South Yellow Sea Basin. The expenditures incurred for the joint research shall not be recovered from the prices of any petroleum contract which may be signed in the future. Throughout the collective research period, the exploration, improvement, and production operation of each party of their respective prospecting rights areas won’t be affected.
This cooperation will sell the distribution of sedimentary facies belts and enhance the understanding of the regularity of hydrocarbon accumulation in cooperative blocks and potential buildings within the basins to make the optimization of potential exploration zones and targets extra-scientific, reduce exploration risks and enhance the success rate of exploration wells.