Eni (MI:ENI, NYSE:E) and China National Offshore Oil Corp. have signed a Production Sharing Contract (PSC) for the exploration of block 30/27, 400 km (250 mi) off the coast of Hong Kong.

North Atlantic Drilling has awarded Jurong Shipyard a $650-million turnkey construction contract to build a new harsh environment semisubmersible drilling rig.

BP (NYSE:BP) has contracted the ENSCO DS-6 deepwater drillship for five years at $522,000/day plus cost adjustments.

Seadrill Ltd. (XOSL:SDRL) has entered into turnkey contracts with Samsung for the construction of two ultra-deepwater drillships at $600 million each.

Estaleiro Jurong Aracruz has won a $792.5 million contract from Guarapari Drilling BV, the Netherlands, to design and build a drillship, based on Jurong Shipyard’s proprietary Jurong Espadon drillship design.

CNOOC is targeting net production in 2012 of 330-340 MMboe, slightly up on last year’s level.

BHP Billiton has issued a termination notice for Transocean’s Deepwater Expedition rig scheduled to begin drilling in SC 55 offshore Palawan, Philippines.

PTTEP has agreed to reduce its interest in three deepwater exploration blocks in the Makassar Strait offshore Indonesia.

Future prospects for offshore and deepwater oil and gas development throughout the world will be bright over the next decade, but may not be without potential market risk, according to a presentation given Tuesday morning at the Deep Offshore Technology International Conference & Exhibition in New Orleans.