Chevron, CNOOC sign South China Sea PSCs

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.

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