CNOOC and ROC ink a production sharing contract
CNOOC Limited (the “Company”, together with its subsidiaries the “Group”) announced today that its parent company, China National Offshore Oil Corporation (CNOOC) has signed a production sharing contract (PSC) with Roc Oil (Bohai) Company (ROC) for Block 09/05 in Bohai, the Company's press release said.
Block 09/05 is located 50 kilometers southeast of Tianjin, with a total area of 355 square kilometers and water depth of 4-10 meters.
According to the terms of the contact, ROC will conduct 3D seismic survey and drill exploration wells in Block 09/05 during the exploration period, in which all expenditures incurred will be borne by ROC. CNOOC has the right to participate in up to 51% working interest in any commercial discoveries in the block.
Mr. Zhu Weilin, Executive Vice President of the Company and General Manager of Exploration Department commented, “We are very pleased to join hands with ROC again. We, like ROC, have full confidence in the resource potential of Bohai.”
CNOOC Limited is China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world. The Group mainly engages in exploration, development, production and sales of oil and natural gas.
The Group’s core operation areas are Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China. In overseas, the Group has oil and gas assets in Asia, Africa, North America, South America and Oceania.