CNOOC Ltd, China’s largest offshore oil producer, has said that its parent has signed an agreement with the Fujian provincial government to develop the natural-gas market in the SE Chinese province. The agreement defines a joint investment commitment of increasing natural-gas supply and developing the gas market in Fujian by both parties. They also agreed to undertake initiatives to explore the feasibility of LNG importation and to invest in gas-fired power plants and related infrastructure. CNOOC has the option to take its parent’s working interest in potential investment projects.
