CNOOC has signed a production sharing contract (PSC) with BG International Limited (BG Group) for block 63/16, located in the Qiong Dong Nan basin of Western South China Sea. The block covers a total area of 2,623 square kilometers in water depth ranging from 90 to 165 meters. Block 63/16 is one of the blocks CNOOC offered for cooperation in 2007.
Under the terms of the contract, BG Group will conduct 3D seismic survey and exploration drilling. All expenditures incurred during exploration period will be borne by BG Group. CNOOC has the right to participate in up to 51% working interest in any commercial discoveries in the block.
Mr. Zhu Weilin, Executive Vice President of the Company and General Manager of Exploration Department commented, "There's huge potential for exploration in South China Sea. We are glad to join hands again with BG Group in this area and hope satisfactory achievement be made on the project."
In 2006, two PSCs for blocks 64/11 and 53/16 and a GSA for block 41/06 have already been signed between CNOOC and BG Group.
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