Trio enter South China Sea PSC
CNOOC has signed a production-sharing contract with Roc Oil (Bohai) Co. and Smart Oil Investment in the South China Sea.
This covers the Weizhou 10-3W oil field and block 22/04, both in the Beibu Gulf basin.
Weizhou 10-3W extends for 18 sq km (7 sq mi) in a water depth of 40 m (131 ft). Block 22/04 covers 80 sq km (31 sq mi) in 40-80 m (131-262 ft) of water.
Roc Oil and Smart Oil will serve as joint operator of the contract area and will undertake development of Weizhou 10-3W in partnership with CNOOC.
During the exploration phase of block 22/04, Smart Oil and Roc Oil will assume all related expenditures, while on entering the development phase, CNOOC has the right to participate in up to 51% of any resultant commercial discoveries.