CNOOC enters pact with South Korean firm for South China Sea block

China National Offshore Oil Corporation (CNOOC) has signed a production sharing contract (PSC) with SK Innovation Co., Ltd. (SK) for Block 17/08 in the South China Sea.

CNOOC is a parent company of CNOOC Limited, China’s offshore oil and gas producer. SK Innovation is a South Korean oil refining company, engaging in the development of oil projects worldwide.

Block 17/08 is located in the Pearl River Mouth Basin and it covers a total area of 466 square kilometers with a water depth of 100-130 meters.

According to the terms of the PSC, SK will act as the operator during the exploration period and conduct exploration activities in the block, in which all expenditures incurred will be borne by SK.

Once the development phase is entered into, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the block.

After signing the 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.

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both domestic and overseas buyer groups, including Shell, Exxon Mobil, Total…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply