Chevron China Energy Co. and China National Offshore Oil Corp. signed production-sharing contracts for two shallow-water exploration blocks in the eastern South China Sea.
Blocks 15/10 and 15/28 are in the Xijiang Sag of the Pearl River Mouth basin. They cover 5,782 sq km in 50-100 m of water.
Chevron, which has 100% interest, will conduct 3D seismic surveys. CNOOC has the right to participate in up to 51% working interest in any commercial discoveries.