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CNOOCChina National Offshore Oil Corporation
CNOOCChinese National Overseas Oil Company, Ltd. (China)
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(bpd) over the next six years, CNOOC said in a statement carried by the China
Cnooc and Total have already submitted their presentations to the Ugandan authorities, Tullow said, adding that the deals may be inked in the next few weeks, along with Tullow's acquisition of the Ugandan asset of Heritage Oil (LON:HOIL).
Under the deal, CNOOC will spend 100 million dollars to fund exploration and drilling wells.
The agreement was signed by Dr Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, and Yang Hua, chairman of CNOOC.
UAE Minister of State and Adnoc Group's chief executive officer, Dr Sultan Ahmed Al Jaber, signed the agreement with CNOOC chairman, Yang Hua.
"This far-reaching framework agreement underpins the close economic ties between the UAE and China, and offers exciting new growth opportunities as well as mutually beneficial investment initiatives between ADNOC and CNOOC," said Dr Sultan Ahmad Al Jaber, UAE Minister of State and ADNOC Group chief executive officer, during the signing.
As reported by Upstream, Cnooc will drill an appraisal well at its Cragganmore discovery and a exploration well at its Howick prospect.
Now, CNOOC businesses cover the main segments of oil & gas exploration and development, engineering & technical services, refining and marketing, natural gas and power generation, and financial services.
The Memorandum of Understanding was signed by Phoenix Petroleum President and Founder Dennis Uy, CNOOC G and P Chief Finance Officer and Vice President Wu Zhengxing, and PNOC President and CEO Admiral Reuben Lista (Ret) in a meeting held at the Department of Energy office in Taguig City on February 28, 2019.
China's state firm is involved through its subsidiary, CNOOC Gas and Power Group Co.
This follows the notice to proceed (NTP) issued by the Department of Energy (DOE) to Tanglawan Philippine LNG Inc., the planned joint venture (JV) between Phoenix Petroleum and CNOOC Gas and Power Group Co.