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CNOOC Limited has recently agreed with the Repsol-YPF group on acquisition of the interests in five oil fields in Indonesia at the cost of US$585million. The a
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CNOOC Limited has recently agreed with the Repsol-YPF group on acquisition of the interests in five oil fields in Indonesia at the cost of US$585million. The assets to be acquired include an aggregate 65.34 percent interest in the Southeast Sumatra PSC, an aggregate 36.72 percent interest in the Offshore Northwest Java PSC, a 25 percent interest in the West Madura PSC, a 50 percent interest in the Poleng TAC and a 16.7 percent interest in the Blora PSC. This acquisition, which helps the Chinese oil company get access to 360 million barrels of proven reserves in total, has made CNOOC Limited the largest offshore oil producer in Indonesia.
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