China’s CNOOC wins bid to explore for oil in Australia

China National Offshore Oil Corp (CNOOC), the parent of CNOOC Ltd, has won a bid to begin oil exploration in Australia, the Ministry of Commerce said.

CNOOC will initially invest 81.3 mln aud to conduct 3-D seismic survey and drill five wells on an oil field in the Bonaparte Basin, in coastal waters off the north coast of Australia, it said.

Forbes