BEIJING (Dow Jones Newswires), Sept. 17, 2009
CNOCC Ltd. and its partners plan to drill seven to 12 deepwater wells in the South China Sea next year, Wang Yan, a company official with responsibility for licensing exploration blocks, said Thursday.
CNOOC's drilling plan underscores the company's drive to make the South China Sea a key production base in the coming years, with the area estimated to contain 22 billion barrels of oil equivalent.
Around CNY200 billion ($29.3 billion) needs to be invested in oil and gas exploration in the South China Sea at water depths of 1,500-3,000 meters over the next decade, Luo Donghong, chief development engineer with CNOOC's unit in Shenzhen, had said earlier this year.
Copyright (c) 2009 Dow Jones & Company, Inc.
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