Marine Link
Thursday, October 27, 2016

CNOOC, Newfield Sign PSC contracts

August 16, 2007

China National Offshore Oil Company Limited (CNOOC Ltd) announced 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. Source: Xinhua

Maritime Reporter Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News