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China, North Korea Agree on Joint Oil Exploitation


China says it has signed a deal with North Korea to explore and develop oil fields in the Yellow Sea.

The agreement was announced in Beijing Saturday.

Chinese energy experts have said that disagreements over the sea boundary with North Korea have been holding up development of oil fields in the sea.

Reuters news agency reports that Chinese geologists have estimated offshore fields in the area may contain three billion metric tons (22 billion barrels) of oil and gas.

Some information for this report provided by Reuters.

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