CNOOC, Nexen form Gulf of Mexico JV
- By Yang Xi
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China.org.cn, December 2, 2011
China National Offshore Oil Corporation and Canada's Nexen Inc. have agreed to set up a joint venture that will give CNOOC working interests in six deepwater exploratory wells in the Gulf of Mexico, the National Business Daily reported.
Via the joint venture, CNOOC will have a 20 percent working interest in the Kakuna, Angel Fire and Cypress wells, and working interests of 10 to 25 percent in three other exploration wells, Calgary-based Nexen said on Wednesday. The two companies declined to give further details, such as the cost of the venture, but noted that Nexen will be the operator in the project. In 2009, CNOOC bought small stakes in oil assets from Norway's oil giant Statoil in the Gulf of Mexico, achieving its first presence in the region.
China's business press carried the story above on Friday.
