Roc Oil takes over operatorship of two South China Sea blocks

CNOOC Limited announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed two production sharing contracts (PSCs) with Roc Oil (China) Company (ROC) for Blocks 16/07 and 03/33 in the South China Sea.

The two blocks are located in the Pearl River Mouth Basin in the South China Sea. Block 16/07 covers a total area of 2,743 square kilometers and has a water depth of approximately 100 meters.

Block 03/33 covers a total area of 2,367 square kilometers and has a water depth of 65-145 meters.

According to the terms of the PSCs, ROC will act as the operator during the exploration period and conduct exploration activities in the two blocks, in which all expenditures incurred will be borne by ROC.

Once development phase comes in, CNOOC has the right to participate in up to 51% of the working interest in any commercial discoveries of the blocks. After signing the PSCs, CNOOC will assign all of its rights and obligations under such contracts, except for those relating to CNOOC’s administrative functions to CNOOC China Limited, a subsidiary of CNOOC Limited.

Share this article

Follow Offshore Energy Today

Events>

<< Nov 2019 >>
MTWTFSS
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 1

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation…

read more >

Offshore Energy Exhibition and Conference (OEEC) 2020

Offshore Energy addresses the technical, operational and commercial challenges associated with future sector growth.

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