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

Contracts

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

President Pryor Retires from ExxonMobil Chemicals

Stephen D. Pryor, president, ExxonMobil Chemical Company and vice president of Exxon Mobil Corporation, has elected to retire on January 1, 2015, after more than 44 years of service.

Offshore

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.2134 sec (5 req/sec)