China National Offshore Oil Corp. Ltd. has signed production sharing contracts with Roc Oil (China) Co. for two blocks in the Pearl River Mouth basin in the South China Sea (OGJ Online, Sept. 29, 2014).
Block 16/07 covers 2,743 sq km in 100 m of water. Block 03/33 covers 2,367 sq km in 65-145 m of water.
Roc Oil will be the operator and incur all expenses during the exploration period. CNOOC has the right to participate in up to 51% of the working interest in any commercial discoveries.
