CNOOC Limited announced Tuesday that its parent company, China National Offshore Oil Corporation (CNOOC) has signed production sharing contract (PSC) with BP plc for deepwater Block 54/11 in Pearl River Mouth Basin in the South China Sea.
Block 54/11 is located in Pearl River Mouth Basin in the east part of the South China Sea. It covers a total area of 1,771 square miles (4,586 square kilometers) with water depths of 1,214 to 7,546 feet (370- 2,300 meters).
According to the terms of the contract, all expenditures incurred during the exploration period will be borne by BP. CNOOC has the right to participate in up to 51-percent working interest in any commercial discoveries in the block. CNOOC will act as the Operator in the Block.
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