Eni, CNOOC to explore jointly offshore China
CNOOC has signed a production-sharing contract with Eni in the South China Sea.
HONG KONG – CNOOC has signed a production-sharing contract with Eni in the South China Sea.
Block 50/34 covers 2,000 sq km (772 sq m) in theQiongdongnan basin offshore Hainan Island.
Eni will acquire3D seismic and drill one well during the three-phase, 6½-year exploration period, and will cover all expenses incurred.
CNOOC Ltd. has the right to participate in up to 51% of the PSC should commercial discoveries follow.