China National Petroleum Corp (CNPC), the parent of PetroChina, said it has signed a memorandum of understanding with South Korea’s Daewoo International for joint oil and gas exploration in Burma.
The deal was signed during the state visit to China by South Korean President Lee Myung-Bak.
The company did not provide further details.
CNPC, the country’s top oil and gas producer, signed production sharing contracts in January 2007 with the Burma Ministry of Energy covering crude oil and natural gas exploration projects in three deep-sea blocks off western Burma.
A consortium led by Daewoo owns stakes in blocks that include the Shwe, Shwephyu and Mya fields off western Burma.