CNOOC
offers 10 new PSC blocks and 2 new areas for cooperation
Posted: 9 June 2003
CNOOC Limited recently announced its parent company, China National
Offshore Oil Corporation (“CNOOC”) is offering 10 new
exploration blocks offshore China to international oil and gas companies
for PSC (Production Sharing Contract) exploration and 2 new areas
for contracts or agreements, effective immediately.
All interested companies can make their inquiries with CNOOC’s
legal and contract department (for details please see www.cnooc.com.cn).
In addition, the remaining deepwater blocks continue to be open
to interested parties.
Ten new blocks offered cover a total area of 30,388 square kilometers.
Six blocks are located in East China Sea, three in the Pearl River
Mouth Basin of Eastern South China Sea, and three in Beibuwan Basin
of Western South China Sea.
Also offered this time are two new broad prospective areas in the
South Yellow Sea Basin and the Eastern Pearl River Mouth Basin for
contracts or agreements.
The blocks ready for PSCs have seen some degree of exploration
activities with promising structures identified and mapped out.
The two areas offered for contracts or agreements are new exploration
areas yet undergoing any material exploration.
“The new bidding round of exploration blocks for PSCs, and
areas for contracts or agreements is consistent with CNOOC’s
strategy of attracting industry players to share the risk and reward
of exploration offshore China. It is a 3-ways winning strategy,
adding petroleum reserves and production to China and sharing upside
rewards by PSC contractors and CNOOC. We encourage our friends to
take a serious look at these assets, ” said Mr. Shouwei Zhou,
President of the Company, CNOOC, according to the current Chinese
regulations and laws, has the exclusive rights to farm-in contractors’
exploration successes.
Posted by Richard Price,
Editor Pipeline Magazine
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