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17

CNPC, Statoil Expand Cooperation

China National Petroleum Corp., the nation's biggest oil producer, signed an agreement with Norway's Statoil ASA to expand cooperation...

China National Petroleum Corp., the nation's biggest oil producer, signed an agreement with Norway's Statoil ASA to expand cooperation as China accelerates efforts to increase offshore oil exploration.

The companies signed a memorandum of understanding earlier this week on "strategic cooperation,'' China National Petroleum said in its online newsletter China Oil News.

The accord may increase China National Petroleum's ability to tap Stavanger-based Statoil's expertise in offshore exploration and production. The parent of overseas-listed PetroChina Co. wants to expand oil and gas output to meet demand in the world's fastest-growing major economy.

Statoil, as an operator for 23 seabed facilities, is a leader in subsea production, according to its Web site. The company is engaged in exploration and production in 15 countries, including 24 oil and gas fields on the Norwegian continental shelf.