North Korea will jointly exploit offshore oil fields with China, Jeddah-based Saudi Gazette reported. North Korea s deputy premier Ro Tu Chol signed an agreement with China s vice premier Zeng Peiyan for their two countries to jointly explore and develop oil fields, apparently setting aside territorial uncertainties in seas between the two countries. Zeng is the chief of China s National Reform and Development Commission, which steers the country s economic development, and Ro also specializes in economic policy. Zeng said it is China s resolute strategy to consolidate and develop the traditional friendship and cooperation with North Korea, China s official Xinhua News Agency reported late on Saturday. Chinese energy experts have previously said that disagreements over the sea boundary between their country and North Korea was holding up development of oil fields in the Yellow Sea. Chinese and North Korean news reports offered no details about the agreement or how boundary issues were handled. Chinese oil companies were not available for comment. But Chinese geologists estimated in 2002 that offshore fields in the West Bay basin area off North Korea may contain 3 billion tonnes (21.9 billion barrels) of oil and gas. --more 13 21 Local Time 10 21 GMT
