CNOOC, SK sign further PSC offshore China

CNOOC has signed a production-sharing contract with SK Innovation Co. Ltd. for block 17/08 in the South China Sea.

Offshore staff

HONG KONG – China National Offshore Oil Corp. (CNOOC) has signed a production-sharing contract (PSC) with SK Innovation Co. Ltd. for block 17/08 in the South China Sea.

Block 17/08 is in the Pearl River Mouth basin, and covers a total area of 466 sq km (180 sq mi) with a water depth of 100-130 m (328-427 ft).

SK will act as the operator during the exploration period and conduct exploration activities, in which all expenditures incurred will be borne by SK.

Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the block.

09/05/2017

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