CNOOC unit wins deal to explore contested sea
BEIJING - A unit of Chinese oil major CNOOC has won a contract from the national oil companies of China, the Philippines and Vietnam to explore part of the disputed South China Sea, the official Xinhua news agency reported on Sunday.
China Oilfield Services Ltd. (COS) will gather two-dimensional seismic data on the 140,000 square-kilometre area, the report said.
State oil companies from the three countries signed an agreement in March for a three-year joint marine study in the South China Sea, including the disputed Spratly Islands.
COS won its exploration deal in an August 8 to 12 bidding round "for its excellent market analysis and bidding strategy," Xinhua said.
It did not say how much the contract was worth to the firm, or when they might announce other contracts, including for a three-dimensional seismic survey.
China, Taiwan and Vietnam each claim the whole of the Spratly archipelago, a cluster of rocks and reefs that is already a bountiful fishing ground and is believed to be rich in oil, gas and minerals.
Malaysia, Brunei and the Philippines claim parts.
China has a growing appetite for oil and gas and has been seeking to diversify its supply, through intensifying exploration and production at home and by purchasing overseas assets.
Reuters - August 29, 2005.
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