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CNOOC enters Australia Outer Browse Basin
www.chinanews.cn 2006-04-04 17:18:28
Chinanews, Beijing, Apr. 4 (By Jia Quanxin) - China National Offshore Oil
Corp. (CNOOC) announced on the 3rd that it has signed Farm-in Agreements
with BHP Billiton Limited (BHP Billiton) and Kerr-McGee Australia
Exploration and Production Pty Ltd (Kerr-McGee) through its subsidiary,
CNOOC Australia E&P Pty Ltd, for rights and interests transfer in the
Outer Browse Basin of Australia.
According to the agreements, CNOOC will earn a 25% interest in each of
the four permits, namely Exploration Permits WA-301-P, WA-303-P, WA-304-P
and WA-305-P.
The above four blocks are located in the Outer Browse Basin, northwest
offshore Australia. These blocks are about 300 kilometers away from the
costal line and cover a total area of 21,000 square kilometers with water
depth around 2,000 meters. The operator of the four Permits is BHP
Billiton based on the agreement.
Mr. Yang Hua, CFO and Executive Vice President of CNOOC, commented that
further expansion of natural gas business in Australia indicated CNOOC's
strengthened strategies for overseas development. He believed that all
parties' joint efforts would bring out huge oil and natural gas
exploration potential in the Outer Browse Basin.
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