CNOOC to Invest $29.4 Billion over 10 Years to Exploit Oil and Gas in South China Sea

BEIJING--December 1, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--CNOOC Limited (NYSE:CEO) (Beijing), a flagship of China National Offshore Oil Corporation (Beijing), will invest about $29.4 billion to exploit oil and gas in the South China Sea and to establish the capability of deepwater oil and gas exploration in about 10 years at depths between 1,500 meters and 3,000 meters. Investors in the project include Devon Energy Corporation (NYSE:DVN) (Oklahoma City, Oklahoma), Anadarko Petroleum Corporation (NYSE:APC) (The Woodlands, Texas) and the BG Group (LSE:BG) (Berkshire, United Kingdom).