China National Offshore Oil Corp. (CNOOC), parent of CNOOC Ltd., signed two production sharing contracts (PSCs) with Roc Oil (China) Co. (ROC) for Blocks 16/07 and 03/33 in the South China Sea, CNOOC Ltd. said Aug. 19.
The two blocks are in the Pearl River Mouth Basin. Block 16/07 covers 2,743 sq km in about 100m of water. Block 03/33 covers 2,367 sq km in 65m to 145m of water.
Under the PSCs, ROC will be operator and will incur expenditures. In the development phase, CNOOC can participate in up to 51% of the working interest in any commercial discoveries. CNOOC will assign all of its rights and obligations under the PSCs, except for those relating to CNOOC's administrative functions, to CNOOC China Ltd., a subsidiary of CNOOC Ltd.
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