Marine Link
Monday, December 5, 2016

CNOOC Signs PSC with Primeline

June 18, 2012

CNOOC Limited (NYSE: CEO, SEHK: 00883) announced that its parent company, China National Offshore Oil Corporation (CNOOC) has signed a production sharing contract (PSC) with Primeline Energy China Limited (PECL) and Primeline Petroleum Corporation (PPC) (jointly as "Primeline") for Block 33/07 in the East China Sea.
Block 33/07 is located about 390 kilometers of Shanghai in the East China Sea. It covers a total area of 5877 square kilometers, with water depth of 90 meters.
According to the terms of the contract, Primeline will conduct 3D seismic data survey and drill exploration wells in Block 33/07 during the exploration period, in which all expenditures incurred will be borne by Primeline. CNOOC has the right to participate in up to 51% working interest in any commercial discoveries in the block.
Mr. Zhu Weilin, Executive Vice President of the Company and General Manager of Exploration Department commented, “This is the fourth Petroleum Contract that Primeline has signed with CNOOC. We value our relationship with Primeline and expect great results from our cooperation.”
 



 
Maritime Reporter Magazine Cover Nov 2016 - Workboat Edition

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.

Subscribe
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