By OGJ editors
HOUSTON, Dec. 6 -- Devon Energy Corp. has signed a production-sharing contract with China National Offshore Oil Corp. for South China Sea deepwater Block 42/05, subject to Chinese government approval.
The Oklahoma City independent will operate the block with 100% interest. CNOOC has the option to acquire a 51% interest in the event of a commercial discovery. Devon agreed to conduct a 3D seismic survey and to drill exploratory wells.
Block 42/05 covers 2,700 sq miles. Water depths are 650-6,500 ft.
