CNOOC (CEO) Enters PSC with Eni for Deepwater Block 30/27

April 11, 2012 6:51 AM EDT Send to a Friend
CNOOC Limited (NYSE: CEO) reports its parent company, China National Offshore Oil Corporation (CNOOC) has signed a production sharing contract (PSC) with Eni China B.V. (Eni) for the deepwater Block 30/27 in South China Sea.

Block 30/27, located 400 kilometers off the coast of Hong Kong with a total area of 5,130 square kilometers, is one of the blocks CNOOC offered for foreign cooperation in 2011.

According to the terms of the contract, Eni will conduct 3D seismic survey and drill one exploration well in Block 30/27. All expenditures incurred during the exploration period will be borne by Eni. CNOOC Limited has the right to participate in up to 51% working interest in any commercial discoveries in the block.


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