China, Philippines, Vietnam begin research in S. China Sea
(Xinhua)
Updated: 2005-08-28 08:49

The China National Offshore Oil Corporation (CNOOC), China's largest offshore oil producer, announced here Friday that one of its subsidiaries, China Oilfield Services Ltd. (COS), was involved in the work.

The ceremony, held in Shenzhen of Guangdong Province, marks a new progress in the cooperation among China, the Philippines and Vietnam in the disputed South China Sea area, the CNOOC said.

The COS won the two-dimensional seismic exploration project in the bidding jointly organized by the national oil companies of China, the Philippines and Vietnam during Aug. 8-12, for its excellent market analysis and bidding strategy, the company said.

The three national oil companies signed an agreement on a joint marine seismic undertaking in the South China Sea area this March, under which they will jointly gather two-dimensional and three-dimensional seismic data in the 140,000-square kilometer sea area in three years.

They will also join hands in processing the two-dimensional seismic data collected in the area.

An official of the CNOOC hailed the cooperation, saying it is an important step of the three countries to jointly implement the Declaration on the Conduct of Parties in the South China Sea.

The declaration, signed between China and members of the Association of Southeast Asian Nations in 2002, is a major political document on resolving disputes in the South China Sea by peaceful means.

The cooperation will benefit the people of the three countries and contribute to stability and development in the region, said the official.

Listed in Hong Kong in 2002, the COS is China's largest offshore oil field services company, with 65 percent stakes held by the CNOOC.

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