CNOOC Limited Expands Operations with Contract in Iraq
CNOOC Limited Secures New Exploration Contract
CNOOC Limited, a premier company in the energy sector, is proud to announce that its wholly owned subsidiary, CNOOC Africa Holding Ltd., has signed an agreement with Midland Oil Company (Md.O.C) for a strategic Exploration, Development & Production Contract (EDPC). This significant contract pertains to Block 7, which is primarily situated in a resource-rich region that holds immense potential.
Exploration Details of Block 7
Block 7 is an expansive area spanning approximately 6,300 square kilometers. This area is located in a highly regarded province known for its oil reserves. With CNOOC Africa Holding Ltd. designated as the sole operator and holding a 100% interest in this block, it reflects the company's commitment to expanding its footprint in international markets.
Contract Obligations and Next Steps
The initial exploration phase outlined in the contract will last for three years, during which time the Company will undertake extensive activity to assess the area's potential. This stage is crucial for establishing the viability of future production and development initiatives. CNOOC Limited is focused on applying advanced technologies and proven methods to ensure successful exploration endeavors.
Importance of International Partnerships
Entering this contract signifies CNOOC Limited's strategy to build strong international partnerships. Collaborating with established companies like Midland Oil Company aids in leveraging diverse expertise and resources. Such partnerships are vital for thriving in the competitive global energy landscape.
Ongoing Commitment to Energy Development
CNOOC Limited is dedicated to enhancing its production capacity and ensuring sustainable energy development. The partnership with Md.O.C set through this EDPC is an essential step towards achieving the long-term goals of expanding oil and gas production capabilities. The Company is committed to conducting operations responsibly, adhering to rigorous environmental standards and promoting economic growth in the regions it serves.
The Future of CNOOC Limited
As CNOOC Limited forges ahead with the exploration and potential exploitation of Block 7, it aims to ensure that shareholders and stakeholders are kept informed of significant developments. The Company continues to explore further opportunities for growth in diverse geographic regions, solidifying its position in the global energy market.
Key Takeaways from the Recent Contract
- EDPC signed with Midland Oil Company for Block 7.
- Initial exploration phase will occur over three years.
- CNOOC Africa Holding Ltd. will hold 100% interest as the operator.
- Company emphasizes responsible and sustainable energy practices.
Frequently Asked Questions
What is the significance of the EDPC signed by CNOOC Limited?
The EDPC marks a strategic expansion for CNOOC Limited into a new geographical market and enhances its exploration capabilities.
How long will the exploration phase last?
The exploration phase under the contract is set to last for three years, focusing on assessing the area's oil potential.
What does CNOOC Limited plan to do next after signing the contract?
CNOOC Limited will begin its exploration activities, utilizing advanced technology to ensure effective assessment of the block's resources.
Why is international collaboration important for CNOOC Limited?
Collaborating internationally allows CNOOC Limited to leverage local expertise, share resources, and enhance its operational effectiveness in new markets.
What is CNOOC Limited's commitment regarding environmental standards?
The Company is strongly committed to maintaining high environmental standards and ensuring responsible operations in all its projects.
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