CNOOC will take a 25% stake in four exploration blocks, according to a statement on the company’s website. US-based Kerr-McGee would also be a partner theough its Australian subsidiary. BHP Billiton would remain operator. No financial details have been given.
The blocks, WA-301-P, WA-303-P, WA-304-P, and WA-305-P, cover 21,000 square kilometres and are in water about 2000m deep some 300 kilometres off Australia's northwestern coast.
CNOOC executive vice president Yang Hua expressed confidence in the "huge potential" of the zone.
