According to the agreements, the Strategic Cooperation Areas are located in the Pearl River Mouth Basin offshore China, including Area A and Area B (existing mining license areas and the contract areas are not included). Area A is approximately 15 300 km2, with a water depth of 80 - 120 m and only open for the deep layers below Enping Formation of Paleogene. Area B is approximately 48 700 km2, with a water depth of 500 - 3000 m and open for all the layers.
The agreements will facilitate the establishment of a long term and stable cooperation and share the development opportunities to a certain extent in the Strategic Cooperation Areas, creating conditions for the final signing of contracts. CNOOC Limited, as an independent oil and gas exploration and production company, is the only vehicle through which CNOOC engages in exploration, development, production and sale of crude oil and natural gas.
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/18122018/cnooc-signs-strategic-cooperation-agreements-with-9-international-oil-companies/