CNOOC, Roc sign PSCs for South China Sea blocks
HONG KONG -- China National Offshore Oil Corporation (CNOOC) has signed two production sharing contracts (PSCs) with Roc Oil (China) Company (ROC) for Blocks 16/07 and 03/33 in the South China Sea.
The two blocks are in the Pearl River Mouth basin. Block 16/07 covers a total area of 2,743 sq km and has a water depth of approximately 100 m. Block 03/33 covers a total area of 2,367 sq km and has a water depth of 65-145 m.
According to the terms of the PSCs, ROC shall act as the operator during the exploration period and conduct exploration activities in the two blocks, in which all expenditures incurred will be borne by ROC. Once entering the development phase, CNOOC has the right to participate in up to 51% of the working interest in any commercial discoveries of the blocks.
