Tycoon, CNOOC in deep sea oil deal

China National Offshore Oil Corp plans to mine the South China Sea next year for oil and gas with the help of Hong Kong tycoon Li Ka-shing's Calgary-based oil and gas producer Husky Energy, Forbes magazine reported. If successful, it would be China's first deep-water oil and gas field. CNOOC jointly owns with US-based Kerr-McGee and Devon Energy but deep water exploration has yet to begin. Separately, PetroChina has signed an agreement with Kuwait Petroleum for the construction of a US$5 billion oil refinery and a petrochemical plant in Guangdong, reported the South China Morning Post.