CNOOC, Husky pen PSC for South China Sea block

Chinese oil company CNOOC has signed production sharing contract with Canada’s Husky Energy for Block 15/33 in the South China Sea.

The Block 15/33 is located in the Pearl River Mouth Basin of the South China Sea. The block covers a total area of 155 square kilometers with a water depth of 80-100 meters, and is one of the blocks CNOOC offered for foreign cooperation in 2014.

According to the terms of the production sharing contract PSC, Husky will be the operator during the exploration period and carry out exploration activities in the block.

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 block.