CNOOC Limited’s subsidiary, CNOOC China Limited, has signed a petroleum contract with PetroChina for Beibu Gulf 23/29 Block and Beibu Gulf 24/11 Block offshore China.
Beibu Gulf 23/29 Block and Beibu Gulf 24/11 Block are located in the Fushan sag and Leidong sag of Beibu Gulf Basin in the South China Sea, respectively.
Beibu Gulf 23/29 Block covers a total area of 980 square kilometers with a water depth of 0-85 meters. Beibu Gulf 24/11 Block covers a total area of 464 square kilometers with a water depth of 20-40 meters.
CNOOC said on Wednesday that, according to terms of the petroleum contract, PetroChina will act as the operator during the exploration period in the contract area and bear 70% of direct exploration expenditures; CNOOC China Limited bears the other 30% of direct exploration expenditures.
The other exploration expenditures will be borne by each party separately and will not be credited to the relevant joint account. Once entering into the development and production phase, the two parties, each with 50% participating interests of the contract area, will set up a joint operation organization to act as joint operators.
Earlier this month, CNOOC also entered into a production sharing contract with Smart Oil for Bohai 09/17 Block offshore China.
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