State-owned China National Offshore Oil Corp. (CNOOC) signed its 200th production sharing contract (PSC) with a foreign partner on Tuesday, announcing it will work with BP on a deepwater block in the South China Sea.
A slowdown in domestic onshore production and growing pessimism over the pace of the development of unconventional resources has seen China step up efforts to tap energy resources in the deep waters of the South China Sea.
The country expects to produce 15 billion cubic metres of gas every year from the...
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