Chinese groups to explore two Beibu Gulf blocks

CNOOC China Ltd. has signed a petroleum contract with PetroChina Co. for two blocks in the South China Sea.

Offshore staff

HONG KONG – CNOOC China Ltd. has signed a petroleum contract with PetroChina Co. for two blocks in the South China Sea.

Beibu Gulf 23/29 block and Beibu Gulf 24/11 block are in the Fushan sag and Leidong sag regions.

Block 23/29 covers an area of 980 sq km (378 sq mi) in water depths of 0-85 m (0-279 ft). Block 24/11 extends more than 464 sq km (179 sq mi) in 20-40 m (65-131 ft) of water.

PetroChina will serve as operator during the exploration period and carry 70% of the direct exploration expenditures, the remainder handled by CNOOC China.

On entering the development and production phase, the two parties, each with a 50% share of the contract area, will form a joint operation organization.

04/24/2019

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