CNOOC announced on 10 July 2019 that it signed a Cooperation Framework Agreement with Sinopec, regarding the sea areas of Bohai, Beibu Gulf and South Yellow Sea, as well as North Jiangsu Basin. Under the framework, both parties have signed three joint study agreements, namely, âJoint Study Agreement on Bohai Gulf Basinâ, âJoint Study Agreement on North Jiangsu Basin and South Yellow Sea Basinâ and âJoint Study Agreement on Beibu Gulf Basin.â   By further details, both parties will share data and carry out joint studies in the Yellow River Mouth Sag, the Qingdong Sag and the eastern part of Bodong Sag in the Bohai Gulf Basin, southwestern Weizhou and Xuwen areas of the Beibu Gulf Basin, as well as the Yancheng and Haiâan sags in the North Jiangsu Basin and the blocks in the eastern South Yellow Sea Basin. The study areas cover total 26,900 sq km involving 19 exploration concession blocks.   The Cooperation Framework Agreement will be implemented in three years through joint study, joint exploration and facility sharing. The expenditures incurred for the joint studies shall not be recovered from the costs of any petroleum contract that may be signed in the future. During the joint study period, the exploration, development and production operation of both parties in their respective prospecting rights areas will not be affected.  This cooperation will promote the distribution of sedimentary facies belts and enhance the understanding of the regularity of hydrocarbon accumulation in cooperative blocks and potential structures in the basins in order to make the optimization of potential exploration zones and targets more scientific, reduce exploration risks and improve the success rate of exploration wells.  In earlier July 2019 Sinopec also signed a Joint Study Agreement with PetroChina covering operations in the Tarim, Junggar and Sichuan basins, involving 81 exploration concession blocks with total 305,800 sq km.
CNOOC announced on 10 July 2019 that it signed a Cooperation Framework Agreement with Sinopec, regarding the sea areas of Bohai, Beibu Gulf and South Yellow Sea, as well as North Jiangsu Basin. Under the framework, both parties have signed three joint study agreements, namely, âJoint Study Agreement on Bohai Gulf Basinâ, 