CNOOC, Petroleum Brunei sign JV deal

Petroleum Brunei and CNOOC subsidiary COSL have agreed to form an oil service JV during a visit by premier Li Keqiang. Chinese state media have spun the deal as a “pioneering move” towards joint resource development amid territorial disputes n the South China Sea. While the sultanate’s claims do overlap with China’s, the two countries have historically got along just fine despite the dispute, and it’s less than obvious what such a deal with Brunei means in terms of prospects for joint development with other countries in SE Asia.

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