On April 24, China Petroleum and Natural Gas Co., Ltd. signed a cooperation contract with China National Offshore Petroleum (China) Co., Ltd., a subsidiary company of China National Offshore Petroleum Co., Ltd. (CNOOC China) in Beijing on Block 23/29 of Beibu Gulf and Block 24/11 of Beibu Gulf.

The cooperation between the two giants of state-owned enterprises has aroused great concern of the enterprise leadership. It is reported that both PetroChina and CNOOC have sent heavy-duty leaders to sign the contract.

    According to the official website of PetroChina, deputy general manager of PetroChina, President Hou Qijun of PetroChina, deputy general manager of CNOOC and CEO Yuan Guangyu of CNOOC attended the signing ceremony. Li Luguang, Vice President of PetroChina, and Xie Yuhong, General Geologist of CNOOC and Executive Vice President of CNOOC signed cooperation contracts on behalf of both sides.

    According to the provisions of the PetroChina and CNOOC cooperation contract, PetroChina acts as the operator and bears 70% of the direct exploration costs during the exploration phase of the two blocks, while CNOOC China bears the remaining 30% of the direct exploration costs, while other exploration costs are independently borne by all parties and are not recorded in the joint account; in the development and production phase, the two parties establish joint operation agencies to act as joint operations. China Petroleum accounted for 50% of the participants, and China Petroleum accounted for 50% of the participants.

    CNOOC Chief Executive Yuan Guangyu said that CNOOC and CNOOC will adhere to the concept of win-win cooperation, work together and complement each other's strengths, jointly strengthen the development of offshore oil and gas blocks in China, promote innovation and breakthroughs in offshore oil and gas cooperative exploitation, and make contributions to safeguarding national energy security.

    In fact, the cooperation between CNOOC and PetroChina is not just in the Beibu Gulf of the South China Sea. CNOOC and CNPC also have deeper exploration and development cooperation. CNOOC and CNOOC will also carry out a series of exploration cooperation in the Bohai Sea.

    In the cooperative interview, Hou Qijun, deputy general manager of PetroChina, said that PetroChina and CNOOC had reached cooperation in risk exploration in the two cooperation zones of Beibu Gulf 23/29 and Beibu Gulf 24/11, and also initiated joint research in three key exploration areas of the Bohai Bay Basin. It is hoped that the three joint research projects in the Bohai Gulf will achieve fruitful results as soon as possible, accelerate new exploration and development cooperation, achieve win-win cooperation between the two sides, and set a new milestone for the cooperation between CNPC and CNOOC.

    The South China Sea is the largest, deepest and most resource-rich sea area in China's four major sea areas. The data show that the petroleum geological reserves of the whole South China Sea are approximately 23-30 billion tons, accounting for about one third of China's total resources. China's oil depot. Geological data from the United States also show that the South China Sea is one of the world's four major marine oil and gas accumulation centers, known as the "second Persian Gulf".