CNOOC amends output deals with Chevron, BP

20:34, September 09, 2010      

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China National Offshore Oil Corp (CNOOC), the country's largest offshore oil and gas producer, said on Tuesday it signed amended production-sharing agreements with Chevron Corp and BP Plc for three deepwater blocks in the South China Sea, after US oil company Devon Energy Corp withdrew from the projects.

Chevron acquired a 59.18 percent interest in block 42/05 and a full interest in blocks 64/18 and 53/30 from Devon in the exploration phase.

BP acquired Devon's remaining interest in block 42/05, said a CNOOC statement.

During the exploration period, Chevron will act as the operator in the three blocks. CNOOC has the right to a 51 percent interest in the event of any commercial discovery in the blocks.

"We welcome Chevron and BP to become our new partners in these blocks and look forward to the joint exploration of this great deepwater potential in the South China Sea," said Zhu Weilin, executive vice-president of the company and general manager of its exploration department.

Analysts said that the deal is in line with China's continuous efforts to make more deepwater oil discoveries to meet its increasing demand,

"Foreign companies still have advanced deepwater technologies. Cooperation with them is beneficial for CNOOC," said Qiu Xiaofeng, an analyst with China Merchants Securities.
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