Oil Contract by CNOOC with Shell in ChinaChina National Offshore Oil Corporation (CNOOC) and Shell Exploration Ltd. Co. in China concluded Thursday a contract to tap petroleum in 15/12 contractual zone in Zhujiang basin of South China Sea.There are as many as 143 petroleum agreements so far that have been inked between CNOOC and 70 oil companies from 18 countries and regions. Lying close to the estuary of the Pearl River emptying into South China Sea, the contractual zone covers an area about 185 sq.Km. According to stipulations made in the contract, the Shell Exploration Ltd. Co. in China will take all expenses on exploring and appraising while a 51% share goes to CNOOC from a success of oil tapping. |
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