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CNOOC to Invest 10bln Deepwater Exploration

China National Offshore Oil Corp, the country's largest offshore oil producer, plans to invest 10 bln

China National Offshore Oil Corp, the country's largest offshore oil producer, plans to invest 10 bln yuan on deepwater exploration equipment over the next few years, the China Business Times reported.

The newspaper cited a CNOOC senior official as saying that the company will complete the construction of China's first home-made deepsea oil drilling vessel in 2010.

The official said CNOOC will bring five new deepwater exploration projects online this year with projected spending of 3.65 bln usd.

CNOOC said earlier that the company plans to conduct more drilling and other exploration activity in offshore China in 2007, particularly in Bohai Bay and the South China Sea.

In December last year, CNOOC signed production sharing contracts with Devon Energy Corp for deepwater blocks 64/18 and 53/30, located in the South China Sea's Qiong Dong Nan Basin and the Pearl River Mouth Basin.