CNOOC, BP Pen PSC in South China Sea
CNOOC Limited announced Tuesday that its parent company, China National Offshore Oil Corporation (CNOOC) has signed production sharing contract (PSC) with BP plc for deepwater Block 54/11 in Pearl River Mouth Basin in the South China Sea.
Block 54/11 is located in Pearl River Mouth Basin in the east part of the South China Sea. It covers a total area of 1,771 square miles (4,586 square kilometers) with water depths of 1,214 to 7,546 feet (370- 2,300 meters).
According to the terms of the contract, all expenditures incurred during the exploration period will be borne by BP. CNOOC has the right to participate in up to 51-percent working interest in any commercial discoveries in the block. CNOOC will act as the Operator in the Block.
This contract is the two hundredth PSC between CNOOC and foreign partners.
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.
Operates 33 Offshore Rigs
- Exxon, BP Targeted in NYC Suit That Relies on 'Nuisance' Theory (Jan 10)
- Owners of Louisiana-Illinois Pipeline Eye Reversal Next Steps (Dec 21)
- Canadian Offshore Oil Interest Grows As Pipeline Woes Sink Alberta Prices (Dec 20)
Company: CNOOC more info
- ExxonMobil Reports More Offshore Guyana Success (Jan 05)
- CNOOC 3Q Revenue Rises; Only Halfway To 2017 Spending Goal (Oct 25)
- CNOOC Completes Test Runs at Huizhou Refinery in Guangdong - Report (Oct 09)