Hong Kong company signs PSC with CNOOC

A new Hong Kong company, PetroBroad Copower Ltd., will shoot 3D seismic surveys and drill an unspecified number of exploratory wells on Block 28/03 in the Pearl River Mouth basin offshore China under a production-sharing contract with China National Offshore Oil Corp.

PetroBroad Copower, which Chinese records indicate was incorporated Jan. 28, will pay all expenses during the exploration period. CNOOC said it has the right to acquire a working interest of up to 51% in any discoveries.

The block covers 68 sq km in the eastern South China Sea and has a water depth of 95 m.