CNOOC Follows $1.6B Refinery With Production Deal

Law360, New York (June 18, 2012, 3:04 PM EDT) -- State-run oil heavyweight China National Offshore Oil Corp. has inked a production-sharing contract for a new block in the East China Sea just days after laying the cornerstone on a 10.2 billion yuan ($1.6 billion) refining facility, according to announcements Monday.

CNOOC and independent Chinese oil and gas exploration and production outfit Primeline Energy Holdings Inc., which are already partners in a large nearby gas field, will share in the commercial development of an untouched 1.45-million-acre offshore block in the Lishui Basin, according to parallel statements...
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