Italy's Eni S.p.A. announced Friday that the company has signed a new Production Sharing Contract (PSC) with China's CNOOC for the exploration of one block offshore Hainan island, in the South China Sea.
The Block 50/34 covers an area of about 772 square miles (2,000 square kilometers) in the Qiongdongnan Basin in conventional waters. The exploration period will last 6.5 years, subdivided in 3 phases.
This new PSC confirms the interest of Eni to continue and consolidate its presence in China, particularly in the South China Sea, where the company cooperates with the Chinese NOCs since middle 1980’s, both for exploration and production.
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