Offshore staff
SINGAPORE -- Singapore Petroleum Company Ltd. (SPC) has completed its $223-million Bohai Bay acquisition.
The Bohai acquisition comprises of two production sharing contracts (PSC) that have six producing oilfields. SPC's interests in the PSCs are 18% in block 04/36 and 23% in block 05/36 (respectively 8.91% and 7.82% net interest in the six producing fields in these two blocks).
SPC's share of the current Bohai production is 4,300 b/d of oil, bringing its total current oil and gas production to over 11,000 boe..
The PSCs are in the shallow waters of Bohai Bay, 190 km (118 mi) east of Beijing and cover an area of approximately 3,080 sq km (1,189 sq mi). There is potential for further exploration to be carried out in the blocks, which will expire in 2024 and 2026 respectively.
Bohai is now SPC's largest producing asset. It is also the company's second asset in China and its eighth exploration and production asset.
According to SPC, Bohai aligns with a long-term strategy to grow business through upstream activities, and to tap the vast potential of China, both as a major oil and gas producing region and as a key market.
10/24/2007
