CNOOC forms new venture with private-sector partner
China National Offshore Oil Corporation, the country's largest offshore oil and gas producer, is forming a joint venture with a private company for deep-water oil exploitation and exploration, in what is being seen as a major step forward in its plans for a more mixed-ownership structure.
The venture, being created by CNOOC Energy Technology & Services Ltd and Shanghai-based MSP/DRILEX Inc, will increase the company's ability in deep-sea drilling equipment manufacturing and technology, CNOOC said in a statement.
MSP/DRILEX, which already provides engineering equipment and technical services for CNOOC's Bohai Bay offshore platform, had been a long-standing partner of China's oil majors, including China National Petroleum Corporation.
