Smart Oil awarded Bohai Bay PSC
CNOOC has signed a production-sharing contract (PSC) with Smart Oil Investment for block 05/31 in Bohai Bay.
The block is at the junction of Qikou Sag and Nanpu Sag on the western side of Bohai. It covers 270 sq km (104 sq mi) in water depths ranging from 5-15 m (16.4-49 ft).
Smart Oil will acquire 3D seismic data and drill exploration wells in the block during the exploration period, incurring all related expenditures. CNOOC has the right to take an interest of up to 51% in the event of any commercial discoveries.