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CNOOC to recall equities at two oilfields in South China Sea, report

Posted on: Wed, 25 Nov 2009 02:58:00 EST

Symbols: CEO

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BEIJING, Nov 25, 2009 (Xinhua via COMTEX) --
CEO | Quote | Chart | News | PowerRating -- Australia-based Roc Oil said Tuesda
y that China National Offshore Oil Corporation (CNOOC) is to recall eq
uities at two oilfields in South China Sea, which are currently operat
ed by Roc Oil, the Dongfang Daily newspaper reported Wednesday.

CNOOC is in talks with Roc Oil to acquire equities and wants to
replace the Australian oil company as the operator of the two oilfield
s, Wei6-12 and Wei12-8, according to the report.

The two oilfields, estimated with a total crude oil and gas rese
rve of 26.5 million tons in oil equivalence, are located in Block 22/1
2 at Beibu Gulf of South China Sea.

The report quoted a Roc Oil spokesperson as saying that producti
on sharing agreement is under negotiation with CNOOC and other shareho
lders of the block. But Roc Oil will still be the operator until the a
greement is inked.

No other specific shareholder was named in the report.

Roc Oil, listed in Stock Exchange in Australia, is expected to p
roduce 3.5 million barrels of crude oil in 2009.

Analysts say that the mini-sized oil company lacks certain capab
ility to explore and develop such oilfields in deepwater South China S
ea. It is a reasonable choice for the company, who will still hold sha
re production even after the deal is inked, to be replaced by CNOOC as
operator of the two oilfields.

CNOOC, the parent of CNOOC Ltd. (CEO.NYSE), is China's largest o
ffshore oil and gas producer. It has superb deepwater oil and gas expl
oration and development technologies.

For full details on CNOOC ADS (CEO) CEO. CNOOC ADS (CEO) has Short Term PowerRatings at TradingMarkets. Details on CNOOC ADS (CEO) Short Term PowerRatings is available at This Link.

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