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CNODC |
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CNPCHK), both subsidiaries of China National Petroleum Corporation (CNPC), announced today that they have signed two separate agreements whereby CNODC and CNPCHK will acquire European Bank for Reconstruction and Development's (EBRD) 30% interest in the Kursangi and Karabagli oil fields in Azerbaijan. This agreement was based on Apache's representation to XCL and CNODC that Apache would rapidly develop the existing discoveries on the Zhao Dong Block. The Zhang Dong Block is the second production sharing contract awarded to XCL by CNODC by agreement dated August 20, 1998, effective October 1, 1998. |
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