Primeline to Commence Arbitration Against CNOOC Over China's Offshore Block
China-focused Primeline Energy Holdings Inc. notified China National Offshore Oil Corp. (CNOOC) Tuesday of its plans to commence arbitration proceedings against the latter under the provisions of the Petroleum Contract for Block 25/34 in the East China Sea.
The arbitration relates to Primeline’s ongoing spats with CNOOC over the development, production and sales of gas from the LS36-1 Gas Field in Block 25/34.
"Primeline has appointed an arbitrator and will file the formal Notice of Arbitration in accordance with the UNCITRAL (United Nations Commission on International Trade Law) Arbitration Rules 1976 and the arbitration agreement under the Petroleum Contract for Block 25/34," the firm said in the press release.
The latest legal development is separate from the previously announced China International Economic and Trade Arbitration Commission arbitration proceedings by Primeline against Zhejiang Gas Natural Gas Development Company Limited over payment of unpaid and partially paid gas sale invoices.
Primeline may face default under its project finance loan with China Development Bank, China Export and Import Bank and Shanghai Pudong Development Bank without full payment from Zhejiang Gas and continued operation of LS36-1 by CNOOC as operator. Primeline is holding talks with the banks to secure their support during both arbitration proceedings.
WHAT DO YOU THINK?
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.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension