PetroBroad to explore block 28/03 in South China Sea

The China National Offshore Oil Corp. (NYSE:CEO) has signed a production sharing contract with PetroBroad Copower for block 28/03 in Pearl River Mouth basin.

Offshore staff

HONG KONG – The China National Offshore Oil Corp. (NYSE:CEO) has signed a production sharing contract with PetroBroad Copower for block 28/03 in Pearl River Mouth basin.

The block is in the eastern part of the South China Sea and covers 68 sq km (26 sq mi) of waters 95 m (312 ft) deep.

The agreement calls for PetroBroad to conduct 3D seismic work and to drill exploration wells at its own cost. CNOOC retains the right to participate with as much as 51% working interest in the event of commercial discovery.

7/5/13

More in Regional Reports