CNOOC mulls Gulf of Mexico leases

China National Offshore Oil Corporation (CNOOC), one of the largest state-owned oil companies in China as well as the largest offshore oil and gas producer, hopes to take a bite of oil and gas leases in the US Gulf of Mexico with a partner in two years, Zhou Shouwei, CNOOC vice president said on Monday.

He noted that CNOOC is seeking good opportunities to make investment worldwide, but declined to give any specific details. Because of the mainland's surging demand for LNG import, CNOOC decided to invest US$6 billion for 1.2 billion barrels of oil equivalent in reserves by 2010, he added.

Zhou also said CNOOC would implement a new approach to field development which incorporates primary, secondary and tertiary recovery techniques from the start of production to achieve higher initial production with drilling fewer wells.