By OGJ editors
HOUSTON, Dec. 12 -- China National Offshore Oil Corp. and Devon Energy Corp., Oklahoma City, signed production-sharing contracts for deepwater Blocks 64/18 and 53/30, CNOOC Ltd. announced.
Block 64/18, in Qiong Dong Nan basin in the western South China Sea, covers 7,712 sq km. Block 53/30 covers 6,313 sq km in the Pearl River Mouth basin. The blocks are in 300-2,000 m of water.
Devon agreed to conduct a 2D seismic survey and drilling during an 8-year exploration period and to pay all costs during exploration on both blocks.
CNOOC has the right to take up to 51% interest in any commercial discoveries.
In December 2005, CNOOC and Devon signed a PSC on deepwater Block 42/05.