Chinaâs CNOOC Ltd and Sinopec plan to start developing one of Chinaâs largest offshore natural gas fields. The two Chinese oil majors had been expected to clinch a deal with Shell and Unocal by the end of last year to explore and develop Xihu Trough in the East China Sea. But CNOOC officials said the talks to set up a venture had been delayed, and the Chinese firms were ready to start development on their own. The Chinese majors were likely to hold a 30 % stake each in the planned entity, with Shell and Unocal taking up to 20 % each, sources have said.
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