China National Offshore Oil Corp. Ltd. reported signing three production-sharing contracts for the South China Sea with Kuwait Foreign Petroleum Exploration Co.
China National Offshore Oil Corp. Ltd. reported signing three production-sharing contracts for the South China Sea with Kuwait Foreign Petroleum Exploration Co.
Work plans include 3D seismic data surveys and exploratory drilling. Expenditures during the exploration period will be borne 20% by CNOOC and 80% by Kufpec (China) Inc. CNOOC will be operator.
Once entering the development phase, CNOOC has the right to participate up to 70% of the working interest in any commercial discoveries.
Block 52/22 covers 1,896 sq km in 60-300 m of water; Block 52/26 covers 1,783 sq km in 80-160 m of water; and Block 63/13 covers 698 sq km in 80-140 m of water.