Eni Signs PSC to Explore Block 50/34 Offshore Hainan Island
Italy's Eni S.p.A. announced Friday that the company has signed a new Production Sharing Contract (PSC) with China's CNOOC for the exploration of one block offshore Hainan island, in the South China Sea.
The Block 50/34 covers an area of about 772 square miles (2,000 square kilometers) in the Qiongdongnan Basin in conventional waters. The exploration period will last 6.5 years, subdivided in 3 phases.
This new PSC confirms the interest of Eni to continue and consolidate its presence in China, particularly in the South China Sea, where the company cooperates with the Chinese NOCs since middle 1980’s, both for exploration and production.
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.
- Eni Secures Two Deals for Oman Blocks (Jan 14)
- Eni to Operate Alaska Oil Field (Jan 03)
- Eni Spuds Well in Central North Sea (Dec 31)
Company: CNOOC more info
- China's Surging Gasoline Exports Hurting Regional Refiners (Jan 15)
- Shell and CNOOC Eye Closer Petchems Collaboration (Oct 24)
- Uganda Expects to Miss Target for First Oil (Sep 24)