The China National Offshore Oil Corp (CNOOC) has signed an agreement with the Vietnam National Petroleum Corporation to conduct joint oil and gas survey in the Gulf of Tonkin.

Sources with the State-owned Assets Supervision and Administration Commission said Thursday that the agreement marks an important step forward in the Sino-Vietnamese cooperation in energy exploration in the controversial areas like the Gulf of Tonkin.

The signing of the agreement will lay a sound foundation for the common development of oil and gas resources in the Gulf of Tonkin by the two sides, said CNOOC.

Meanwhile, it will set a good example for the relevant countries in the region to solve disputes and make contributions to the stability and development in the South China Sea areas, the source said.

CNOOC, China's offshore oil giant, also signed an agreement in March with the Philippines National Oil Corporation and Vietnam Oil and Gas Corporation on joint data collection in the agreed areas in the South China Sea.

Source: Xinhua