Brightoil Petroleum has announced that CNOOC has, through subsidiaries CNOOC International Financial Leasing and CNOOC China, provided the company $700 million of financing. The financing includes $400 million for the company's Caofeidian Oilfield for a period of five years and an advanced payment arrangement of $300 million to ensure the smooth implementation of the overall development adjustment plan and the actualisation of the goal of increased production in the oilfield.