China: CNOOC Inks PSC with ROC

CNOOC Limited announced that its parent company, China National Offshore Oil Corporation (CNOOC) has signed a production sharing contract (PSC) with Roc Oil (Bohai) Company (ROC) for Block 09/05 in Bohai.

Block 09/05 is located 50 kilometers southeast of Tianjin, with a total area of 355 square kilometers and water depth of 4-10 meters.

According to the terms of the contact, ROC will conduct 3D seismic survey and drill exploration wells in Block 09/05 during the exploration period, in which all expenditures incurred will be borne by ROC. CNOOC has the right to participate in up to 51% working interest in any commercial discoveries in the block.

Mr. Zhu Weilin, Executive Vice President of the Company and General Manager of Exploration Department commented, “We are very pleased to join hands with ROC again. We, like ROC, have full confidence in the resource potential of Bohai.”

Subsea World News Staff , May 11, 2012;  Image: ROC