CNOOC signed a new PSC with Santa Fe

China National Offshore Oil Corp. (CNOOC) Thursday announced it has signed a production sharing contract with Santa Fe Energy Resources (China) Ltd. for Block 27/10 in the Pearl River Mouth Basin of South China Sea. The block, 160 km south of Hong Kong, covers 6,546 sq km.

May 10, 2001

By the OGJ Online Staff

HOUSTON, May 10 -- China National Offshore Oil Corp. (CNOOC) Thursday announced it has signed a production sharing contract with Santa Fe Energy Resources (China) Ltd. for Block 27/10 in the Pearl River Mouth Basin of South China Sea.

The block, 160 km south of Hong Kong, covers 6,546 sq km. Santa Fe is committed to investing at least $10 million for exploration in the block.

Santa Fe is participating in the exploration of six other blocks off China.

CNOOC Ltd. has an option to take up to 51% working interest in any commercial discoveries made in the block. The dominant producer of oil and gas off China, CNOOC Ltd. is 70.6% owned by CNOOC.