China, Venezuela sign oil development pacts

China National Offshore Oil Corp (CNOOC), the country's largest offshore oil producer, has signed an agreement to develop oil and gas resources in Venezuela, the latest step in its overseas expansion.

CNOOC has signed a memorandum of understanding with its Venezuelan counterpart for the development of heavy oil and offshore oil and gas resources. The agreement was signed in the South American country on Dec 22, said a company executive yesterday.

It is the company's first entry into the country, said the executive who declined to be named, adding that it was a framework agreement.