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China National Offshore Oil Corp (CNOOC) has sealed an agreement with a subsidiary of Philippines National Oil Co (PNOC) to undertake the joint exploration and development of oil and gas projects in the South China Sea - an untouched offshore area expected to reap rich rewards.

CNOOC and PNOC Exploration Corp agreed to form a joint working committee to select possible areas in the sea for potential oil exploration and development, CNOOC said in a statement.

In a letter of intent, the two companies also agreed to "engage in a joint programme to review, assess and evaluate relevant geological, geophysical and other technical data available to determine the oil and gas potential of the area," the statement said.

CNOOC President Fu Chengyu said both companies will benefit from the co-operation.

It followed discussions by visiting National People's Congress' Standing Committee Chairman Wu Bangguo and Philippine government officials in September.

During his visit, Wu proposed that China and the Philippines engage in the joint exploration and production of oil and gas projects in the South China Sea, which was first mooted by the Chinese Government about a decade ago.

Experts said the co-operation is in line with China's strategy to ensure sufficient energy to feed the country's rapid economic development and to reduce its heavy reliance on the Middle Eastern oil.

There has been media speculation that the central government's recent nomination of former CNOOC President Wei Liucheng as a candidate for governor of South China's Hainan Province is part of a strategy to accelerate the development of resources in the South China Sea as the island province is adjacent to the area.

The Guangzhou-based 21st Century Business Herald reported that the government may take advantage of Wei's rich experience in the oil industry and good relations with foreign oil giants to fully tap the area's potential.

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