The China National Offshore Oil Corporation (CNOOC) has signed two production sharing contracts (PSC) with Roc Oil Company (ROC) for blocks 16/07 and 03/33 in the South China Sea.
According to the terms of the PSCs, ROC will act as the operator during the exploration period and conduct exploration activities in the two blocks, in which all expenditures incurred will be covered by ROC. Once the development phase is entered, CNOOC will have the right to participate in up to 51 percent of the working interest in any commercial discoveries of the blocks.
The two blocks are situated in the Pearl River Mouth Basin in the South China Sea. Block 16/07 covers a total area of 1,059 square miles and has a water depth of approximately 328 feet. Block 03/33 spans a total area of 913 square miles and has a water depth of 213 to 475 feet.
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