CNOOC Limited announced that its parent company, China National Offshore Oil Corporation (CNOOC) has signed a production sharing contract (PSC) with PetroBroad Copower Limited (PetroBroad Copower) for Block 28/03, which is located in Pearl River Mouth Basin in eastern South China Sea.
Block 28/03 covers a total area of 26.3 square miles (68 square kilometers) with water depths of 312 feet (95 meters).
Under the terms of the PSC, PetroBroad Copower will conduct 3D seismic data surveys and drill exploration wells in the block during the exploration period. PetroBroad Copower will bear all expenditures incurred during the exploration phase.
CNOOC has the option to take up to 51 percent working interest if there is a commercial discovery in Block 28/03, which was originally offered for bidding by foreign companies in May 2011.
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