BEIJING, Nov. 23, 2009 (Xinhua News Agency) -- The CNOOC Group's new energy unit, the CNOOC New Energy Investment Corporation, is to form a joint venture with Australia's Altona Energy to develop a coal-chemical project in Ackaringa, southern Australia.

The CNOOC will hold 51 percent stake and will be the major operator in the project.

The project with Altona is just one part of the CNOOC's efforts to break into the new-energy field. The Chinese oil firm has built the Sigeng wind-power project and a bio-diesel project, both in Hainan, and it is also cooperating with the Datong Mining Group to jointly develop a coal-chemical project.

The Ackaringa project will research coal-to-liquid technology based on the local coalmine output and later build a power plant.

CNOOC Group is parent of CNOOC Ltd. (NYSE:CEO) (CEO.NYES; 0883.HK).