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Last updated at: (Beijing Time) Tuesday, January 13, 2004

China takes over management of biggest offshore gas field

Chinese energy giant China National Offshore Oil Corp. (CNOOC) has taken over the management of the country's biggest offshore gas field from its foreign partner British BP starting from this month, after the gas field managed by the British company for eight years.


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Chinese energy giant China National Offshore Oil Corp. (CNOOC) has taken over the management of the country's biggest offshore gas field from its foreign partner British BP starting from this month, after the gas field managed by the British company for eight years.

After the management transfer, CNOOC, British Petroleum (BP) and Kuwait Foreign Petroleum (KUFPEC), the three investors of the Yacheng 13-1 gas field, keep their shares and the United Management Committee remains unchanged. Some BP staff will stay toassist in gas field production, financing and operation.

The gas field, discovered in 1983, provides 3.4 billion cubic meters of natural gas a year to south China's island province of Hainan and Hong Kong, via two submarine pipelines.


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