17 January 2013 03:44 [Source: ICIS news]
SINGAPORE (ICIS) – China National Offshore Oil Corp (CNOOC) announced on Wednesday that it has signed production sharing contracts (PSC) with Chevron China Energy Co for two exploration blocks in the South China Sea’s Pearl River Mouth Basin.
Under the PSC agreements, the Chevron subsidiary will conduct 3D seismic data surveys in blocks 15/10 and 15/28 during the exploration phase and bear all expenditures incurred. CNOOC has the right to participate in up to 51% working interest in any commercial discoveries in the blocks, according to the company statement.
The two shallow water blocks cover an area of approximately 5,782 square km, it said.
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