Extra time on cards for CPC and CNOOC
Taiwan's China Petroleum Corporation (CPC) said today it may extend an
offshore exploration joint venture with Chinese counterpart China National
Offshore Oil Corporation Ltd (CNOOC Ltd), and will spend up to $20 million
on a new well in the are covered by the deal.
The two companies signed a landmark joint exploration pact in 2002 covering
the Taiwan Strait.
It was extended for two years in 2006 and the two players are now considering
adding another two years to the deal, a CPC official told Reuters.
Formal talks about an extension would likely begin over the summer, but CPC
has already decided to spend up to $20 million on a second exploration well
in the Tainan basin, one of the areas covered by the joint venture, the
official added.
07 May 2008 08:45 GMT
| last updated:
07 May 2008 08:46 GMT
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