Husky Enters into a PSC with CNOOC for Block 15/33 in South China Sea
CNOOC Limited (the Company) announced Thursday that its parent company, China National Offshore Oil Corporation (CNOOC), has signed production sharing contract (PSC) with Husky Oil Operations (China) Limited (Husky) for Block 15/33 in the South China Sea.
Block 15/33 is located in the Pearl River Mouth Basin of the South China Sea. The block covers a total area of 60 square miles (155 square kilometers) with a water depth of 262-328 feet (80-100 meters), the block is one of the blocks CNOOC offered for foreign cooperation in 2014.
According to the terms of the PSC, Husky shall act as the operator during the exploration period and conduct exploration activities in the block mentioned above, in which all expenditures incurred will be borne by Husky. Once entering the development phase, CNOOC has the right to participate in up to 51 percent of the working interest in any commercial discoveries of the block. After signing the above-mentioned PSC, except for those relating to CNOOC’s administrative functions, CNOOC will assign all of its rights and obligations under PSC to CNOOC China Limited, a subsidiary of CNOOC Limited.
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.
- Husky Enters into a PSC with CNOOC for Block 15/33 in South China Sea (Dec 04)
- Husky Scraps Seadrill Drilling Contract (Sep 22)
- Seadrill Cancels HHI's West Mira Construction Contract Over Delivery Delay (Sep 16)
Company: CNOOC more info
- Uganda Expects to Miss Target for First Oil (Sep 24)
- Uganda's National Oil Firm, China's CNOOC Sign Exploration Deal (Sep 06)
- Hammerhead-1 Strikes Offshore Guyana (Aug 30)