China National Offshore Oil Corp, parent of China's largest offshore oil producer CNOOC Ltd, planned to invest about RMB 200 billion (US$29.3 billion) in exploration and development of the deep-sea oil and gas fields in the South China Sea with its partners, said Luo Donghong, chief development manager of CNOOC's Shenzhen unit.
It was reported that CNOOC Corp would gradually develop 1,500 meters to 3,000 meters deep water exploration and development ability from 2009 to 2020. Under the program, CNOOC Corp is expected to develop reserves of 22 billion barrels of oil equivalent and an annual output of 350 million barrels by 2020.
The joint investors include CNOOC, China Oilfield Services Ltd and Offshore Oil Engineering Co Ltd, as well as foreign partners such as Devon Energy Corp and Anadarko Petroleum Corp and BG Group.
Meanwhile, CNOOC Corp also plans to invest RMB 15 billion to develop the deep-water drilling equipment, of which RMB 6 billion for 3,000-meter drilling ships and RMB 3 billion for 2,500-3,000 meter pipe laying vessels in the next 5 or 10 years, Luo added.
It was reported that CNOOC Corp would gradually develop 1,500 meters to 3,000 meters deep water exploration and development ability from 2009 to 2020. Under the program, CNOOC Corp is expected to develop reserves of 22 billion barrels of oil equivalent and an annual output of 350 million barrels by 2020.
The joint investors include CNOOC, China Oilfield Services Ltd and Offshore Oil Engineering Co Ltd, as well as foreign partners such as Devon Energy Corp and Anadarko Petroleum Corp and BG Group.
Meanwhile, CNOOC Corp also plans to invest RMB 15 billion to develop the deep-water drilling equipment, of which RMB 6 billion for 3,000-meter drilling ships and RMB 3 billion for 2,500-3,000 meter pipe laying vessels in the next 5 or 10 years, Luo added.