COSL and CNOOC Group sign new integrated services framework deal

China Oilfield Services Limited (COSL) and its controlling shareholder, China National Offshore Oil Corporation Group (CNOOC Group), have entered a new Integrated Services Framework Agreement, effective January 1, 2026, and expiring December 31, 2028. The agreement details transactions between the two companies.

COSL will provide oilfield services to CNOOC Group, including drilling, oilfield technology, offshore vessel services, and new energy operations. The maximum transaction values for these services are set at RMB 48,400m for 2026, RMB 52,800m for 2027, and RMB 57,200m for 2028.

CNOOC Group will provide COSL with equipment leasing, power, raw materials, and other auxiliary services, including property services. The caps for these combined services are RMB 4,747m for 2026, RMB 5,411m for 2027, and RMB 7,066m for 2028, with property services specifically capped at RMB 363m, RMB 429m, and RMB 484m for the respective years. Pricing will follow market-based principles, prioritizing government-set or guidance prices where applicable.