Eni, CNOOC Ink New South China Sea E&P Pact
CNOOC Limited announced that its parent company, China National Offshore Oil Corporation (CNOOC) has signed a production sharing contract (PSC) with Eni China B.V. (Eni) for the deepwater Block 30/27 in South China Sea.
Block 30/27, located 249 miles (400 kilometers) off the coast of Hong Kong with a total area of 1,981 square miles (5,130 square kilometers), is one of the blocks CNOOC offered for foreign cooperation in 2011.
According to the terms of the contract, Eni will conduct 3D seismic survey and drill one exploration well in Block 30/27. All expenditures incurred during the exploration period will be borne by Eni. CNOOC Limited has the right to participate in up to 51 percent 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, "Oil and gas resources are rich in the deepwater South China Sea and are one of the main sources for the Company's medium and long term development. By joining hands with Eni again, we wish a great success on the project."
Eni also has equity interest in Blocks 16/08 and 16/19 located in the South China Sea and is the Operator in Block 28/20.
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