COSL Inks Deal with CNOOC for Bohai Bay Work

China Oilfield Services Ltd. has signed an agreement valued at 100 million yuan to provide drilling services to CNOOC in the Bohai Bay area during 2003. Bohai Bay, located east of Beijing, is one of the four principal hydrocarbon basins in offshore China and is one of the most important oil producing regions for the country. The contract calls for several exploration wells to be drilled this year.