CNOOC Limited’s parent company, China National Offshore Oil Corporation (CNOOC), has signed a production sharing contract (PSC) with Smart Oil for Bohai 09/17 Block offshore China.
Bohai 09/17 Block is located in the Qikou sag, Bohai Bay Basin in China. It covers a total area of 509.3 square kilometers with a water depth of 5-10 meters.
According to the terms of the PSC, Smart Oil will act as the operator during the exploration period and conduct exploration activities in the block, in which all expenditures incurred will be borne by Smart Oil.
Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the Bohai 09/17 Block.
After signing the PSC, except for those relating to CNOOC’s administrative functions, CNOOC will assign all of its rights and obligations under the PSC to CNOOC China Limited, a subsidiary of CNOOC Limited.
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