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China : CNOOC, HUSKY ENERGY inks Production Sharing Deal with South China Sea.

CNOOC Limited declared that its parent firm, China National Offshore Oil Corporation, has inked production sharing deal with Husky Oil Operations (China) Limited for Block 15/33 in the South China Sea.

Block 15/33 is situated in the Pearl River Mouth Basin of the South China Sea.

The block secures an aggregate area of 155 square kilometers with a water profundity of 80-100 meters, the block is one of the blocks CNOOC provided for international cooperation in 2014.

As per the terms of the PSC, Husky will be playing as the operator amid the exploration period and organize exploration practices in the block aforementioned, in which all expense incurred will be managed by Husky.

On coming in the development stage, CNOOC has the right to take part in up to 51% of the working interest in any commercial explorations of the block.

After inking the aforementioned PSC, hope for those relating to CNOOC's administrative functions, CNOOC will provide all of its rights and obligations under PSC to CNOOC China Limited, an auxiliary of CNOOC Limited.

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Publication:Mena Report
Geographic Code:0PACI
Date:Dec 4, 2015
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