China National Offshore Oil Corp. and ChevronTexaco subusidiary Texaco China BV will unitize development of the BZ25-1/25-1S oil field in the Bohai Bay. The development agreement for the field, about 150 km southeast of Tanggu, covers 218 sq km.
China National Offshore Oil Corp. and ChevronTexaco subusidiary Texaco China BV will unitize development of the BZ25-1/25-1S oil field in the Bohai Bay. The development agreement for the field, about 150 km southeast of Tanggu, covers 218 sq km. The agreement includes one development project, one set of producing facilities, one management structure, one operator, and one equity determination. CNOOC President Zhou Shouwei said the deal is "another significant milestone of CNOOC's cooperation in developing oil fields with foreign partners. It is the first-ever unitization agreement signed between CNOOC and our foreign partners on one field straddling the boundary of two blocks." Operartor CNOOC will own 83.8% with ChevronTexaco holding the remaining 16.2%. The petroleum contract for block 11/19 in the Bohai Bay was signed between CNOOC and ChevronTexaco in April 1992. ChevronTexaco discovered the BZ25-1 oil field. The field was re-designated BZ25-1S and determined to be an oil field straddling the boundary between block 11/19 and the self-financed area of CNOOC.
