CNOOC Signs Two PSCs with Newfield Again
China National Offshore Oil Corporation ("CNOOC") has signed two Production Sharing Contracts (PSCs) with Newfield Exploration Company (Newfield) for blocks 22/15 and 16/05 respectively.
Block 22/15 is located in Beibu Gulf Basin in Western South China Sea. The block covers a total area of 5,228 square kilometers, with water depth of 10 to 60 meters. Newfield will reprocess 2D seismic data and conduct drilling operations.
Block 16/05, located in Pearl River Mouth basin, covers a total area of 2,064 square kilometers. On Dec. 12, 2005, both parties signed a Geophysical Survey Agreement on the same block. Newfield is committed to exploration drilling in the block.
Under the terms of the contracts, all expenditures incurred during exploration period will be borne by Newfield. CNOOC Ltd. has the right to participate in up to 51% interests in the event of any commercial discovery in the blocks.
Mr. Zhu Weilin, Vice President of the Company and General Manager of exploration department commented, "CNOOC Ltd. and Newfield have maintained a good long-standing partnership before both parties signed these two contracts. On behalf of the Company, I welcome Newfield's confidence in cooperation with CNOOC Ltd. And, we are very confident of the exploration potential Offshore China."
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