CNOOC's 4-way deal
Source: Xinhua |
September 8, 2010, Wednesday
|
Print Edition
Print Edition
CHINA National Offshore Oil Co Ltd announced yesterday that Chevron China and BP China will explore three deepwater oil and gas blocks in the South China Sea by acquiring shares from Devon Energy Corp.
China National Offshore Oil Co, the nation's largest oil and gas producer and parent of CNOOC Ltd, has signed amendment agreements to the production sharing contracts with Chevron, BP and Devon for deepwater blocks 42/05, 64/18 and 53/30 in the South China Sea, and these agreements have been approved by the Chinese government. The deal's financial terms were not disclosed.
Prior to this, Chevron and BP signed sale and purchase agreements with Devon for the three blocks.
Chevron acquired a 59.18 percent interest in block 42/05 and a 100 percent interest in blocks 64/18 and 53/30 from Devon in the exploration phase. BP acquired the remaining interest of Devon in block 42/05.
During the exploration period, Chevron will act as the operator in the three blocks. CNOOC Ltd has the right to participate in up to 51 percent interest in the event of any commercial discovery in the blocks.
CNOOC Ltd has disclosed three deepwater discoveries in the South China Sea.
Foreign firms exploring in the area sign agreements with the CNOOC Ltd.
China National Offshore Oil Co, the nation's largest oil and gas producer and parent of CNOOC Ltd, has signed amendment agreements to the production sharing contracts with Chevron, BP and Devon for deepwater blocks 42/05, 64/18 and 53/30 in the South China Sea, and these agreements have been approved by the Chinese government. The deal's financial terms were not disclosed.
Prior to this, Chevron and BP signed sale and purchase agreements with Devon for the three blocks.
Chevron acquired a 59.18 percent interest in block 42/05 and a 100 percent interest in blocks 64/18 and 53/30 from Devon in the exploration phase. BP acquired the remaining interest of Devon in block 42/05.
During the exploration period, Chevron will act as the operator in the three blocks. CNOOC Ltd has the right to participate in up to 51 percent interest in the event of any commercial discovery in the blocks.
CNOOC Ltd has disclosed three deepwater discoveries in the South China Sea.
Foreign firms exploring in the area sign agreements with the CNOOC Ltd.
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