2010-08-26 17:37

China National Offshore Oil Corporation (CNOOC) signed an agreement Tuesday with Australia's Roc Oil and Horizon Oil to co-develop two oilfields in China, Horizon Oil said in a filing with the Australian Securities Exchange on Wednesday,Reuters reported.

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CNOOC will invest $300 million ,and will allow use of its existing pipeline and terminal facilities for the two oilfields in exchange for a tariff, according to the report.

CNOOC will take a 51 percent participating interest in the WZ-12 and WZ12-8 oilfields in the Beihai Gulf, offshore China.

First oil production is anticipated in the second half of 2012.