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CNOOC, Chevron sign production sharing contracts
By Richard Fu |
January 17, 2013, Thursday
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Online Edition
Online Edition
CHINA National Offshore Oil Corp has signed two production sharing contracts with Chevron China Energy Company for two blocks in the South China Sea, the company said in a statement yesterday.
The blocks, 15/10 and 15/28, are in the Pearl River Mouth Basin and cover a total area of 5,782 square kilometers with water depths of 50-100 meters, CNOOC said.
Chevron, one of the largest oil companies in the world with its headquarters in California, will fund and conduct 3-D seismic data surveys in the blocks during the exploration phase, according to the statement. CNOOC has the right to take up to 51 percent working interest in any commercial discoveries in the blocks.
Zhu Weilin, executive vice president of CNOOC and general manager of its exploration department, said the company expects the projects to achieve commercial discoveries soon to create economic returns for both companies.
The blocks, 15/10 and 15/28, are in the Pearl River Mouth Basin and cover a total area of 5,782 square kilometers with water depths of 50-100 meters, CNOOC said.
Chevron, one of the largest oil companies in the world with its headquarters in California, will fund and conduct 3-D seismic data surveys in the blocks during the exploration phase, according to the statement. CNOOC has the right to take up to 51 percent working interest in any commercial discoveries in the blocks.
Zhu Weilin, executive vice president of CNOOC and general manager of its exploration department, said the company expects the projects to achieve commercial discoveries soon to create economic returns for both companies.
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