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.
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