CNOOC Signed First Deepwater Exploration Agreement

Friday, December 06, 2002
China National Offshore Oil Corporation ("CNOOC") inked a petroleum contract with Husky Oil China Limited for deepwater block 40/30 in the Pearl River Mouth Basin of the South China Sea. This is the first deepwater exploration contract signed between CNOOC and foreign petroleum companies since it announced the tendering of deepwater areas in September. A number of foreign companies are still studying the geological data of the 12 deepwater blocks in the South China Sea offered by CNOOC in this September. Block 40/30 is located about 100 kilometers southeast of Hainan Island in the Pearl River Mouth Basin. It covers a total area of about 6704 square kilometers with water depth between 600 to 1500 meters. Under the terms of the contract, the exploration period will be divided into three phases. In the first phase of exploration, one wildcat of 1600 meters in depth is required. The minimum exploration expenditure is estimated to be US$10 million. Husky pays 100 percent exploration expenditure and CNOOC has the right to farm in up to 51% working interest in any commercial discoveries in the block. "We believe these new deepwater provinces will open new opportunities to us and our foreign partners." Ru Ke, Executive Vice President of the Company. "We are confident more interests will follow Husky's lead."
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

ISS Announces CEO Transition

Captain Claus Hyldager yesterday decided to step down as the Chief Executive Officer of Inchcape Shipping Services (“ISS”).    The current Chief Financial Officer,

Pressure for Australia Sub Deal Grows

Australia to spend A$65 bln on ships and subs over 20 years; PM pledges A$40 bln for domestic shipbuilders. Australia will spend A$89 billion ($65 billion) on

LNG Ferry Construction for Tallink Begins

The start of production of Tallink's new generation LNG powered fast ferry for the Tallinn-Helsinki route was celebrated on the 4th of August 2015 at Meyer Turku shipyard.

Offshore

CWind Joins National Workboat Association

Citing crew transfer services as an integral part of its offering, offshore wind industry service provider CWind announced it is now a member of the National Workboat Association (NWA) of the U.

BG Group Starts up Sixth FPSO in the Santos Basin

BG Group announced first oil from the Cidade de Itaguaí floating, production, storage and offloading (FPSO) vessel, the sixth unit to start production across the

BG Awards Fugro MBES, Seabed Coring Contract

Fugro has been awarded a contract by BG International Limited Sucursal Honduras to conduct an integrated multibeam echosounder (MBES) survey and seabed coring campaign

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1176 sec (9 req/sec)