Lowman...rest your hat on this article as it describes the #2 and #3 thristy for oil countries JV'ing for JDZ interests:
India, China to step up co-op in hydrocarbons sector
Beijing, Dec 14: India is ready to cooperate with China to further explore possibilities for joint bidding and exploration for hydrocarbons in third countries to fuel their high economic growth and ensure energy security, Union Petroleum Minister Murli Deora said here on Thursday.
"I am confident about India-China cooperation in the oil and gas sector and our recent successes in joint bidding and exploration in countries like Syria, Sudan, Columbia and nigeria should encourage us to engage in mutually beneficial tie-ups," Deora said here.
Deora said he was confident that if India and China, both major oil importers, can cooperate and bid together and avoid a price war for oil assets in third countries, they can save a lot of foreign exchange.
The minister, who is scheduled to have a meeting here with the chairman of the National Development Reform Commission (NDRC), Ma Kai, second in less than a month, noted that the joint declaration issued during Chinese President Hu Jintao's state visit to India in November has clearly set the goal for both countries in the oil and gas sector.
"Both sides agree to fully implement the provisions of the memorandum on cooperation in the field of oil and natural gas signed in January 2006 and encourage collaboration between their enterprises, including through joint exploration and development of hydrocarbon resources in third countries," the joint declaration said.
Deora, who is heading a high-level Indian delegation to the first-ever meeting of oil ministers of five major oil consuming nations to be held on December 16, said his recent meetings with senior Chinese leaders, including President Hu Jintao in Shanghai on the sidelines of the Shanghai Cooperation Organisation and with Ma in New Delhi have paved way for greater cooperation with top Chinese oil companies.
In the past, China and India, the world's fastest-growing nations, were bitter rivals in the race for global oil, benefitting only the sellers.
Now, after the signing of a key MoU in January this year between the Ministry of Petroleum and Natural Gas and the NDRC, China's top planning body, the two sides are exploring new avenues for mutually beneficial cooperation so as to acquire hydrocarbon assets in Africa, Central Asia and Latin America, Deora said.
Senior Petroleum Ministry officials travelling with the minister said India and China have in-principle agreed to work out a mechanism to bid jointly for oil and gas properties in Africa and Latin America.
The modalities for bilateral cooperation in the hydrocarbons sector will be discussed during Deora's meeting with Ma, sources said.
India and China have till date jointly acquired properties in Syria, Columbia and Ivory Coast. India's Oil and Natural Gas Corp and China National Petroleum Corp are both stakeholders in an oilfield in Sudan.
ONGC Videsh has tied up with China Petroleum & Chemical Corporation (Sinopec) for the exploration of oil in the joint development zone (JDZ) in Nigeria, ONGC Videsh Managing Director R S Butola said.
India-China cooperation in the oil sector would give them more leverage as they buy up far-flung oil and gas fields, Butola said, adding the Chinese side have realised that joining forces would add value to their partnership.
Meanwhile, Deora also expressed confidence that the upcoming meeting of major oil importing countries -- India, United States, China, Japan and South Korea -- organised by NDRC will come out with concrete proposals to stabilise global oil prices.
The United States, China, India, Japan and South Korea consume nearly 45.5 per cent of the world's 3.77 billion tonnes of oil. But hikes in the oil price are constraining their economic development.
The topic for discussion will include ways to reduce energy consumption and raise efficiency and find more energy substituting sources and to ensure global energy security and stability, Chinese sources said.
Good to see you here.. I suggest you check one of ERHE's partners' website ....ADDAX. They and SINOPEC (chinese govt owned oil co) have contracted the ABAN ABRAHAM (deep water drill ship) for over $400,000 a day!!!! ADDAX took percentages of ERHE's blocks 2, 3 and 4 in the JDZ for a carry of us in those blocks to first oil. THis included a cash payment to ERHE as well.
Market Data 
Markets 
AI
