China buys stake in RI<\/p>\n
BEIJING (Reuter): The China National Offshore Oil Corporation
\n(CNOOC) said on Saturday it had bought a 32.58 percent stake in
\noilfields off Indonesia, becoming their biggest single
\nshareholder.<\/p>\n
CNOOC did not say how much it paid. A company statement said
\nit was optimistic about returns and the oilfields in the Malacca
\nStrait had \"encouraging potential\".<\/p>\n
The purchase was CNOOC's first oil development overseas. It
\nacquired the shares from the U.S. oil giant Atlantic Richfield
\nCo, which had been the block's major shareholder in the past 10
\nyears.<\/p>\n
The contracted block covers an area of some 10,000 sq km
\n(3,860 sq miles). It comprises 13 oilfields in operation, three
\nthat have indicated oil and gas reserves and 10 others seen as
\npromising.<\/p>\n
Oil produced will be sold overseas, said CNOOC.<\/p>\n
The transfer of ownership took effect retroactively, on Jan. 1
\nthis year, the statement said.<\/p>\n
The deal, approved by both the Chinese government and
\nIndonesia's national oil firm Pertamina, expires in the year 2000
\nbut can be extended, it said.<\/p>\n
The block's other partners are Oryx Energy Co and Kondur of
\nthe United States, Lasmo of Britain and Nippon of Japan, the
\nChina Daily newspaper said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/china-buys-stake-in-ri-1447893297",
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"sponsor": "Okusi Associates",
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