CNOOC Expands Overseas Exploration to Kenya

CNOOC's subsidiary, CNOOC Africa Limited, has signed production sharing contracts (PSCs) for six blocks in Kenya.

These six PSCs cover blocks 1, 9, 10A, L2, L3, and L4 in Kenya. The blocks are located in the Lamu, Anza, and Mandera sedimentary basins with a total area of 115,343 square kilometers.

By signing the contracts, CNOOC has extended its overseas exploration activities to East Africa. This vast area has attractive untapped exploration potential, although it is not yet a mature oil and gas producing area. The exploration period of the PSCs will be divided into three phases.

"Growing exploration acreages are important for E&P companies," said Zhu Mingcai, CNOOC's vice president and general manager. "I believe that our presence in Kenya will be a significant step in pursuit of that target."

"I am pleased to see the successful signing of these agreements," added Fu Chengyu, the company's chairman and CEO. "Signing of PSCs in a friendly country in Africa, such as Kenya, will likely facilitate our long-term growth potential."