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Roc Oil Co. (ASX:ROC) said Tuesday that talks with China National Offshore Oil Corp. (CNOOC) over the development of two oil fields offshore southern China could result in CNOOC operating at some point in the future on behalf of the joint venture. Roc has a 40% stake in block 22/12 in the Beibu Gulf, northwest of Hainan province. Project partners include Horizon Oil Ltd. (ASX:HZN) with 30%, Petsec Energy Ltd. (ASX:PSA) with 25% and closely held Majuko Corp. with 5%. Under the terms of the production-sharing contract, Cnooc Ltd. (HKG:0883)(NYSE:CEO) has the right to back into the development with a 51% stake.
Roc Oil Co. (ASX:ROC) said Tuesday that talks with China National Offshore Oil Corp. (CNOOC) over the development of two oil fields offshore southern China could result in CNOOC operating at some point in the future on behalf of the joint venture. Roc has a 40% stake in block 22/12 in the Beibu Gulf, northwest of Hainan province. Project partners include Horizon Oil Ltd. (ASX:HZN) with 30%, Petsec Energy Ltd. (ASX:PSA) with 25% and closely held Majuko Corp. with 5%. Under the terms of the production-sharing contract, Cnooc Ltd. (HKG:0883)(NYSE:CEO) has the right to back into the development with a 51% stake.
Sydney, Nov 24, 2009 AEST (ABN Newswire) - Asian markets mostly opened higher this morning, but reversed early gains after profit taking selling. Tokyo market fell in a choppy trade despite a positive support from Wall Street. This is largely due to a stronger yen and worries over some corporate financing plans. Korean market was down as foreign investors continued to offload Seoul stocks.

Company News

Gold producer Newmont Mining Corp (NYSE:NEM)(ASX:NEM) and a unit of Japan's Sumitomo Corp (TYO:8053) had agreed to sell an additional 14 percent stake of an Indonesia joint venture to a consortium led by PT Bumi Resources (JAK:BUMI) for US$493.64 million. The consortium is also interested in buying an additional 7% stake in the unit of the Denver-based Newmont Mining, which has to be offered to local investors next year.

Roc Oil Co. (ASX:ROC) said Tuesday that talks with China National Offshore Oil Corp. (CNOOC) over the development of two oil fields offshore southern China could result in CNOOC operating at some point in the future on behalf of the joint venture. Roc has a 40% stake in block 22/12 in the Beibu Gulf, northwest of Hainan province. Project partners include Horizon Oil Ltd. (ASX:HZN) with 30%, Petsec Energy Ltd. (ASX:PSA) with 25% and closely held Majuko Corp. with 5%. Under the terms of the production-sharing contract, Cnooc Ltd. (HKG:0883)(NYSE:CEO) has the right to back into the development with a 51% stake.

Nippon Yusen KK (TYO:9101) has signed a 20-year iron ore transport agreement with Shagang Shipping Co., a unit of Chinese steelmaker Jiangsu Shagang Group Co. Running through 2032, the new contract is reportedly among the longest signed with Chinese steelmakers.

Bank of China (SHA:601988)(HKG:3988) said it is studying various ways to raise capital in a bid to ensure the sustainable development of its banking business. On Monday China Banking Regulatory Commission said lenders who don't meet their capital-adequacy requirements could be punished with limits on their market access, overseas investments or opening of new branches. It is reported that Bank of China was in talks with investment banks to raise as much as US$15 billion. But the lender said it has no plans to raise capital for the time being.

State-run Korea Deposit Insurance Corp. said it sold a 7% stake, in Woori Finance Holdings Co.(SEO:053000)(NYSE:WF) for 866 billion won in a block trade before the market opened, in pursuit of eventual privatization of the financial holding company. The 56.42 million shares were priced at 15,350 won each, a 4.4% discount to Woori's Monday closing price of 16,050 won.

Contact

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net


Related Companies

Woori Finance Holdings Co., Ltd.       
Sumitomo Corporation       
Roc Oil Company Limited          
PT Bumi Resources Tbk     
Petsec Energy Ltd             
Nippon Yusen Kabushiki Kaisha       
Newmont Mining Corp        
Horizon Oil Ltd          
CNOOC Limited             
Bank of China Limited        

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