CNOOC signs PSC with SK Innovation for South China Sea block

China National Offshore Oil Corp. signed a production-sharing contract with SK Innovation Co. Ltd., Seoul, for Block 17/08 in the South China Sea.

OGJ editors

Sept. 5, 2017

China National Offshore Oil Corp. signed a production-sharing contract with SK Innovation Co. Ltd., Seoul, for Block 17/08 in the South China Sea (OGJ Online, Feb. 10, 2015).

The block covers 466 sq km in 100-130 m of water in the Pearl River Mouth basin (OGJ Online, Apr. 17, 2017).

SK will be operator and cover all expenditures during the exploration period. CNOOC has the right to participate in as much as 51% in any commercial discoveries.