CNOOC, Newfield Sign PSC Contracts

Monday, August 20, 2007
China National Offshore Oil Company Limited (CNOOC Ltd) announced Wednesday that its parent China National Offshore Oil Corporation (CNOOC) has signed two production sharing contracts (PSC) with US-based Newfield Exploration Company. The two contracts are for blocks numbered 22/15 and 16/05, both in the South China Sea.

Block 22/15 in the Beibu Gulf Basin in the western South China Sea covers 5,228 square km, with water depth of 10 to 60 meters. Newfield will reprocess the two-dimensional seismic data, a technical survey containing geological clues for hidden oilfields, and conduct drilling operations.

Located in the Pearl River basin, block 16/05 covers 2,064 square km. CNOOC and Newfield had signed a geophysical survey agreement on this block in 2005, under which Newfield committed to exploration drilling. Under the contracts, all costs incurred during the exploration will be borne by Newfield. CNOOC Ltd has the right to an interest up to 51 percent in the event of any commercial discoveries. The two companies signed a PSC in 2005 for block 17/08, also located in the Pearl River basin. (Xinhua)

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

CWind Wins 3-year O&M Services Contract

CWind, a provider of services to the offshore wind industry, have signed a three-year contract to provide crew and equipment transfer for DONG Energy and Scottish

Joint Petroleum Development in South China Sea Makes Sense

Shared development of oil, gas and possibly other natural resources is the most promising option for reducing tensions in the South China Sea and should be the

Oceanteam Focuses on Mexico Strategy

Oceanteam Shipping ASA releases its Q2 2014 financial report, with extracts as follows: The company says it saw, with its early focus on Mexico, a long term

Shipbuilding

SHIPPINGInsight Extends Early-bird Registration

SHIPPINGInsight 2014 is extending the deadline for early-bird registration to Sept. 15. Attendees registering online at www.shippinginsight.com/choose-event prior to midnight Sept.

New Double-ended Ferry for Norderney

New double-ended ferry serving the North Sea island of Norderney – Safe and eco-friendly maneuvering in shallow, high-sediment water using Voith Schneider Propellers Ferries

Latest Ocean-Going Shipbuilding Orders

Clarkson Hellas notes in its latest 'S&P Weekly Bulletin' shipbuilding orders placed in the dry bulk, tankship, gas carrier and containership sectors, as follows: Dry

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2135 sec (5 req/sec)