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Shell signs upstream deals with CNOOC, CNPC for China, Gabon projects

BY ED BALLARD

LONDON--Royal Dutch Shell announced that it signed two offshore oil and gas Production Sharing Contracts, or PSCs, with the China National Offshore Oil Corporation, or CNOOC, and a PSC amendment with CNPC, the China National Petroleum Corporation, for a new development phase for the Changbei gas field in China.

MAIN FACTS:

-Also entered an agreement with CNOOC for its participation in two Shell exploration blocks offshore Gabon, West Africa.

-The two offshore oil and gas PSCs with CNOOC are for blocks 62/02 and 62/17 in the Yinggehai Basin.

-Shell, as operator, will conduct 3D seismic data surveys in the Yinggehai blocks.

-Will cover costs for the acquisition of seismic data and will drill exploration wells during exploration phase.

-Shell will hold a 100% working interest during the exploration phase, that will be reduced to 49% in any eventual development phase, with CNOOC as majority partner.

-In Gabon, CNOOC will acquire a 25% participating interest in offshore exploration blocks BC9 and BCD10.

-CNOOC will reimburse Shell for 25% of certain past exploration costs and carry part of the future exploration costs.

-Shell will remain operator with 75% interest

-Agreement is subject to government approval

-Shell' s "A" Shares at 1008 GMT i[ 19 pence, or 0.9%, at 2,189 pence, valuing the company at GBP141.1 billion.

Dow Jones Newswires

07/25/2012

 

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