CNOOC signs deal with Myanmar

CNOOC signs deal with Myanmar

HONG KONG: Energy giant China National Oil Offshore Oil Corp (CNOOC) said on Tuesday it has signed an oil exploration and sharing agreement with Myanmar's state-owned oil company, Myanmar Oil and Gas Enterprise.

The areas to be explored are offshore near several islands, said Xiao Zongwei, CNOOC head of investor relations.

"Oil companies need to find new exploration and production areas and it is in this context that we signed that agreement," he said.

Xiao declined to say if the oil producer is considering similar joint exploration and production deals with other countries in the region. CNOOC owns a 70 percent stake in Hong Kong-listed CNOOC Ltd. -- AFP