OPIC Deal With Norwest

Chinese Petroleum Corp’s unit OPIC Australia Pty Ltd signed contracts with Norwest and other companies to jointly explore oil in Australia.

The agreement will entitle OPIC Australia to 25 per cent of the rights at the mine AC/P32, which measures 1,072 square meters, located offshore northwest of Australia.

Exploration during the first stage started running in March 2001 and will finished in February 2004 when the second one starts. The whole project is to be completed by February 2007.

Chinese Petroleum investments are to average $2.46 million during the first stage.

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