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CNOOC may Withdraw Oilfield Operation Right from Roc Oil

Posted on: Wed, 25 Nov 2009 06:16:00 EST

Symbols: CEO, RCILF

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SYDNEY, Nov 25, 2009 (SinoCast Daily Business Beat via COMTEX) --
RCILF | Quote | Chart | News | PowerRating -- Sydney-headquartered oil firm Roc Oil Co. (ASX: ROC) recently was in discussion with China National Offshore Oil Corp. (CNOOC) about the exploitation rights of two oilfields in the South China Sea.

If both sides reach accord, CNOOC will take the place of Roc Oil as the operator of the two oilfields, the Australian oil firm added. A Rock Oil Spokesperson confirmed that the company and its partners, including CNOOC, were talking about the cooperation scheme, but stressed that before the talks were over, Roc Oil would remain the operator.

The Australian oil firm, listed on the Australian Securities Exchange (ASX), is predicted to turn out 3.5 million barrels of crude oil this year. It owns 40% of the 22/12 Block in the Northern Gulf, China. The block contains the Wei6-12 and Wei12-8 oilfields, with estimated resource reserves of 26.5 million barrels of oil equivalent.

According to their output share agreement, CNOOC, the largest offshore oil producer in China, has the right to re-take part in the development of the block and gain a stake of 51%.

Source: www.cspgp.org.cn (November 25, 2009)

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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