CNOOC and Zhanjiang to develop Wushi oilfield

China National Offshore Oil Corp. (CNOOC) and authorities in Zhanjiang in southern Guangdong province have signed a cooperation agreement to jointly develop the offshore Wushi oilfield, marking CNOOC’s first joint offshore development with a local government.

CNOOC plans to invest more than RMB 2 billion ($320 million) to develop the oilfield, which lies 30 km off Zhanjiang’s coast in the South China Sea.

It will be completed and put into operation in 2017 and have a capacity of 1 mtpa, according to the Zhanjiang Offshore Petroleum Tax...