CNOOC signs pact

China National Offshore Oil Corporation (CNOOC) has signed a supplemental development agreement regarding the CFD 11-1/11-2 oilfields in 04/36 Block in Bohai Bay, with Kerr-McGee China Petroleum Limited, a subsidiary of Kerr-McGee Corp., and Sino-American Energy Corp., a wholly owned subsidiary of Ultra Petroleum Corp. The agreement marks concurrence on major issues of the oilfield development among the parties. The CFD 11-1/11-2 oilfields are about 90km offshore SE of Tanggu. The contract covers an area of 91 square km. These two oilfields were discovered at the end of 1999 and in the middle of 2001, respectively. Under the agreement, the company and its partners will draw up an overall development plan for the development of these two fields.
The CFD 11-1/11-2 oil fields will be developed in two phases. The first phase of the project, consisting of a central platform, one wellhead platform, a single point mooring system and an FPSO unit, is expected to come on-line in the second half of 2004. The second phase will include an additional wellhead platform.




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