A Chinese firm has won a joint contract from the state oil companies of China, the Philippines and Vietnam to search for oil and gas in a disputed area of the South China Sea, state-run media said yesterday.
China Oilfield Services (COS), a subsidiary of China National Offshore Oil Corp (CNOOC), was given the go-ahead to explore around the disputed Spratly Islands chain after agreement by the three nationalized conglomerates, Xinhua news agency said.
CNOOC, Philippine National Oil and Vietnam Oil and Gas Corp, also known as PetroVietnam, agreed in March to conduct seismic work programs -- setting off explosions to monitor the shock waves for pockets of oil and gas -- over three years over an area of about 143,000km2.
A CNOOC official hailed the contract, saying it was an important step by the three countries to jointly implement the Declaration on the Conduct of Parties in the South China Sea, Xinhua said.
The declaration, signed between China and ASEAN members in 2002, is a major political document on peacefully resolving disputes in the resource-rich South China Sea, it said.
Taiwan, Brunei and Malaysia also have claims to the Spratlys Islands. All claimants, except Brunei, station troops on parts of the archipelago.
Analysts say the joint exploration of the region surrounding the Spratlys is part of China's quest for energy to run its booming economy.
Under the bid awarded on Friday, COS would handle a seismic exploration project, Xinhua said. No information was given on how much the deal was worth to the company.
The three national oil companies have also agreed to a more detailed three-dimensional project, but it was not immediately clear if a contract had been awarded.
COS is China's largest offshore oil field services company, with a 65 percent stake held by the CNOOC.
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