CNOOC & PNOC Formalize South China Sea Exploration Deal

CNOOC has sealed an agreement with PNOC Exploration Corporation to undertake joint exploration and development of oil and gas in the South China Sea.

In a Letter of Intent (LOI) signed between CNOOC and PNOC EC, both parties agreed to form a Joint Working Committee to select possible areas in the South China Sea that would be suitable for exploration and development.

Similarly, both parties agreed to engage in a joint program to review, assess and evaluate available relevant geological, geophysical and other technical data and information to determine the oil and gas potential of the area.

The LOI was signed by the President of CNOOC, Mr. Fu Chengyu, and the President and CEO of PNOC EC, Mr.Rufino B.Bomasang. The Philippine Energy Secretary, Mr.Vincent S. Perez, the Energy undersecretary, Mr. Eduardo V. Manalac and the Chinese Ambassador to the Philippines, Mr. Wang Chungui witnessed the signing.

The Chairman and CEO of CNOOC Limited, Mr. Fu Chengyu said, "we are very much delighted to work together with PNOC EC, both companies will benefit from the signing of the LOI aimed at advancing the exploitation of oil and gas in the to-be agreed areas in the South China Sea."