Sinopec operates the Puguang natural gas field in Sichuan Province, one of China's most promising upstream assets.
CNOOC led the development of China's first three LNG import terminals at Shenzhen, Fujian, and Shanghai and manages much of the country's offshore production.
CNOOC typically uses PSC agreements with foreign companies wanting to jointly develop upstream offshore projects and has the right to acquire up to a 51% working interest in all offshore discoveries once the IOC recovers its development costs.