Cnooc Ltd. (883), China’s biggest offshore oil producer, sold a 25 percent stake in a license to explore for hydrocarbons in Qatar to France’s Total SA (FP) as the Chinese company seeks to reduce risk.
The Beijing-based producer, which secured rights to the offshore concession two years ago, will retain a 75 percent stake and operate the area called Block BC, according to an e- mailed statement yesterday.
Qatar, the world’s biggest exporter of LNG, has awarded three exploration and production licenses in the past two years as it seeks to raise output outside the North Field, the world’s biggest gas reservoir. The Persian Gulf sheikhdom ordered a halt in new development at the field until at least 2014.
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