|
|
Article: Arco signs accord to develop Chinese offshore gas.
- Article from:
- The Oil Daily
- Article date:
- October 1, 1985
CopyrightCOPYRIGHT 1985 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
PEKING -- Atlantic Richfield Co. has signed a $500 million contract with China to develop the first natural gas discovery in the south China Sea.
The long-awaited, 30-year cntract calls for a $500 million investment from Arco China Inc., Santa Fe Minerals (Asia) Inc. and the state-run China National Offshore Oil Corp. (CNOOC), Arco officials said.
Under the contract, which was signed Saturday, Arco will construct a single drilling platform and carry out production of the Yacheng 131 gas field, located 65 miles south of China's Hainan Island.
Production of the gas is scheduled to begin in mid-1989 and accelerate to output of 350 million cubic ...