CNOOC and CNPC Combine Skills to Explore Offshore Kazakhstan
China National Offshore Oil Corporation said last week it will explore oil and gas offshore Kazakhstan with China National Petroleum Corporation in their first overseas tie-up.
Analysts said this could be the start of a number of such tie-ups as Chinese oil firms combine their skills to gain more leverage in bidding for overseas oil assets. It follows the decision by CNOOC Corp.'s listed arm to drop its US$18.5 billion offer for U.S. energy firm Unocal and CNPC's disclosure that it was buying PetroKazakstan Inc.
Thursday's tie-up was the latest bid by Chinese oil companies to snap up oil resources overseas to meet the demand of China's booming economy. Unproven reserves in the northern Caspian Sea, where Kazakhstan has the right to pump oil and gas, totals 13.45 billion metric tons, said CNOOC Corp.