China National Offshore Oil Corporation, or CNOOC, the country’s third largest national oil company, has signed an agreement with Brunei National Petroleum Company Sdn Bhd, or Petroleum Brunei (PB), to establish a joint venture on oilfield services, the Brunei Times reported.
The agreement was signed on October 11 during Chinese Premier Li Keqiang’s visit to the oil-rich state recently.
Leaders of two countries said they were satisfied with the energy cooperation between Petroleum Brunei and CNOOC and will encourage joint exploration and exploitation of offshore oil and gas resources in other aspects.
Details of the agreement were not made public, but CNOOC’s subsidiary – China Oilfield Service Limited, or COSL – announced on its website that the company recently signed a joint venture agreement with PB Services Sdn Bhd, Petroleum Brunei’s subsidiary. The joint venture company will provide services for offshore oilfield exploration and development.
Brunei is the the fourth largest oil exporter in Southeast Asia, averaging about 160,000 barrels per day, and the ninth largest exporter of LNG in the world.
China overtook the US to become the world’s largest net oil importer in Sep.
Meanwhile, Brunei and Japan have also agreed to strengthen energy corporation, including continuing LNG exports to Japan and development of renewable energy, as Japanese Prime Minister Shinzo Abe also visited the sultanate during this year’s ASEAN summit.