By OGJ editors
HOUSTON, July 19 – Primeline Energy Holdings Inc., London, and China National Offshore Oil Corp. have amended the Block 25/34 petroleum contract in the East China Sea off China.
Once finalized and approved by the Ministry of Commerce, a new agreement calls for the existing 5,221 sq km area to be relinquished except for 84.7 sq km that contains the Lishui 36-1 gas field, which is to be developed.
A new exploratory contract designated as Block 33/07 is to be granted that covers the same area as the existing block plus an adjacent area to the east for a total of 5,877 sq km. Term is 7 years divided into exploration periods of 3, 2, and 2 years each.
Minimum first phase commitment is two wells and 600 sq km of 3D seismic. The commitment for each of the second and third phases is one well.
Future discoveries will enjoy the right to free use of production facilities to be built for LS36-1 gas field.
File photo from PDVSA..
Photo from Odfjell Drilling.
