Offshore staff
HONG KONG –CNOOC (NYSE:CEO) has signed a production-sharing contract with BP for the deepwater block 54/11 in the Pearl River Mouth basin of the South China Sea.
The block covers 4,586 sq km (1,771 sq mi) in water depths of 370 to 2,300 m (1,214 to 7,544 ft).
BP will bear all exploration costs and CNOOC can participate in up to 51% working interest in any commercial discoveries. CNOOC also is operator.
7/17/2013
