Covering the operations of the oil and gas industry
PetroChina Co. Ltd. will operate the exploration of two blocks in China’s Beibu Gulf under a contract with CNOOC China Ltd.
Block 23/29 covers 980 sq km over the Fushan sag with water depths of 0-85 m. Block 24/11 covers 464 sq km with 20-40 m of water over the Leidong sag.
PetroChina will pay 70% of direct exploration costs, and CNOOC China will pay the remainder.
For development and production, interests will be 50-50 with joint operation.