CNOOC Signs PSCs with Roc Oil for South China Sea Blocks

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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)
 -  Irish Gas Grid Could Receive LNG from ... (Jul 19)
 -  What's It Take to Land a Job as a Petr... (Jul 14)


Most Popular Articles

From the Career Center
Jobs that may interest you
Load Planner/ Dispatcher Frac Sand
Expertise: Dispatcher|Project Management
Location: Mansfield, TX
 
Project Engineer
Expertise: Electrical Engineering|Instrument & Controls Engineer|Project Management
Location: Deer Park, TX
 
Land GIS Spatial Analyst - Mineral Land
Expertise: Contracts Engineer|Geologist|Lease Analyst
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours