China National Offshore Oil Corporation has signed an agreement with the Chinese subsidiary of Canada’s Husky Oil Limited to explore deepwater areas of offshore China, CNOOC announced Wednesday.
The Hong Kong- and New York-listed company said the targeted areas include three blocks; one in Eastern South China Sea and two in the sea’s west, covering a combined area of more than 16,800 square kilometers.
The CNOOC said it will have the right to hold 51 percent interest in any commercial discoveries in the blocks.