CNOOC, China Huaneng Group to Work Together in Natural Gas Space

China National Offshore Oil Corporation (CNOOC) and China Huaneng Group have agreed to work together in natural gas sector.

The two parties signed a deal on June 24 regarding cooperation in natural gas space as well in the green energy generation segment. CNOOC and Huaneng Group will together promote the transformation and upgrading of China's energy industry and green development, CNOOC said on Monday.

CNOOC said both the companies will work to reduce costs and enhance market competitiveness. The areas of cooperation for China Huaneng Group and CNOOC are very broad, based on the existing framework agreement, CNOOC added.

China Huaneng is one of the five largest state-owned electric utility enterprises in China. It is administrated by China’s State Council and engaged in the investment, construction, operation and management of power generation assets and the production and sale of electricity power.

CNOOC focuses on the exploitation, exploration and development of crude oil and natural gas in offshore China.