CNOOC to Participate in the Shandong Natural Gas Pipeline
CNOOC has signed with the Development and Planning Commission of Shandong Province and Shandong International Trust Investment Company to participate in the planning of Shandong natural gas pipeline network and LNG import.
Due to the rapid economic growth and the severe unbalanced energy mix, Shandong province has been hungry for clean energy like natural gas. To maintain the sustainable development of its economy, society and environment, Shandong province has been actively exploring the utilization of natural gas.
CNOOC has been developing the natural gas reserves in Bohai Bay and planning to supply gas from Bonan area to Yantai and Qingdao via Longkou in Shandong province. In addition, as the leading coordinator of the first LNG project in China, CNOOC has experiences in LNG project and the knowledge of domestic market. Therefore, the Development and Planning Commission of Shandong Province has decided to cooperate with CNOOC in the planning of Shandong natural gas pipeline network (from 2001 to 2015) and the investigation of LNG import.
CNOOC Limited has the option to take its parent's working interest in potential investment projects that may be generated.