This could be the deal we have been waiting for! The catalyst to hopefully push the share price north big time. Look at Ron Morris China update 22/10/09 appears to be consistant with the comments in the below Dow article.
Zhanjiang, CHINA (Dow Jones)--Cnooc Ltd. (CEO) plans to start drilling deepwater wells in the South China Sea next year, marking the company's initial foray into deepwater oil and gas exploration, said an executive.
"In 2010, it's possible for us to drill one, two or even more exploration wells," said Xie Yuhong, general manager of Cnooc's unit in Zhanjiang.
He said the company, China's largest offshore oil producer, hopes to drill deepwater exploration wells with international partners in the South China Sea at depths of 1,500-1,800 meters.
Xie said he believes the South China Sea has tremendous resource potential that could support the company's output development in the future.
He said company officials made a series of overseas visits to Australia, Brazil and Nigeria to share experience in deepwater oil exploration technologies.
Cnooc's deepwater drilling plan underscores the blue-chip company's drive to make the South China Sea a key production base in the coming years, with the area estimated to contain 22 billion barrels of oil equivalent.
ROC Price at posting:
65.5¢ Sentiment: Buy Disclosure: Held
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