Manufacturing Industry
Sinopec Group and CNPC to expedite offshore oil.(China Petroleum and Chemical Corp., China National Petroleum Corp., Petroleo Brasileiro S.A.)
China Chemical Reporter, May, 2006
China Petrochemical Corporation (Sinopec Group) signed an agreement on cooperation with Petrobras of Brazil on April 16th, 2006. China National Petroleum Corporation (CNPC) also purchased the Manokwari Block located in Papua of Indonesia from PT Waropen Perkasa on April 17th, 2006.
Petrobras of Brazil is one of the three major companies in the world that own deepwater oilfield production and development technologies. Manokwari, the new asset purchased by CNPC, is also an onshore/offshore block. According to experts, the two moves indicate that the two oil giants have accelerated their expedition to offshore oil exploitation. The right to offshore oil exploration and development in China has been monopolized by CNOOC so far.
According to the agreement...
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