| Last updated at: (Beijing Time) Saturday, November 17, 2001 |
Phillips China Inc. to Invest US$ 2 Billion for Penglai Offshore Oilfield |
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Phillips China Inc. will invest 2 billion U.S. dollars for the development of Penglai oilfield in the Bohai Bay with its Chinese partner, China National Offshore Oil Corporation Limited (CNOOC).
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Phillips China Inc. will invest 2 billion U.S. dollars for the development of Penglai oilfield in the Bohai Bay with its Chinese partner, China National Offshore Oil Corporation Limited (CNOOC).
Phillips is among the earliest foreign oil companies to develop China's offshore oil. In 1999, Phillips discovered China's largest-ever offshore oilfield, Penglai 19-3 located in the Bohai Bay.
The oilfield will be developed in two phases, with phase one scheduled to produce crude in 2002.
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