CNOOC, BP Sign Production Sharing Contract

MaritimeProfessional.com
Tuesday, July 16, 2013

CNOOC Limited said that its parent company, China National Offshore Oil Corporation (CNOOC) has signed production sharing contract (PSC) with BP  for deepwater Block 54/11 in Pearl River Mouth Basin in the South China Sea.

Block 54/11 is located in Pearl River Mouth Basin in the east part of the South China Sea. It covers a total area of 4,586 square kilometers with water depths of 370- 2,300 meters.

According to the terms of the contract, all expenditures incurred during the exploration period will be borne by BP. CNOOC has the right to participate in up to 51% working interest in any commercial discoveries in the block. CNOOC will act as the Operator in the Block.
 

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

Offshore

Offshore Installation at Lerwick

A large steel oil storage tank to be installed west of Shetland as part of Premier’s development of the Solan field has arrived in Lerwick onboard a heavy-transport vessel Xiang Yun Kou,

Wagenbourg New Crane for Oil, Gas, Energy Sector

Wagenborg Nedlift has expanded her crane fleet with a brand new 700 tonnes mobile crane. With this crane the fleet is significantly strengthened. Equipped with

Study: An Arctic Oil Well Blowout Could Spread More Than 1,000km

Oil from a spill or oil well blowout in the Arctic waters of Canada's Beaufort Sea could easily become trapped in sea ice and potentially spread more than 1,000 kilometres to the west coast of Alaska,

Energy

Europe Sleep Walking into an Energy Crisis: Analyst

The downing of flight MA17 has prompted calls for further sanctions on Russia targeted at its energy sector. Douglas-Westwood in its 'DW Monday' analysis considers

Australia Approves Adani's $16 bln Carmichael Coal Project

The Australian government on Monday approved Indian firm Adani Mining Pty Ltd's controversial A$16.5 billion ($15.5 billion) Carmichael coal and rail project in Queensland,

Tanker with Iraqi Kurdish Oil Anchors off Texas Port

A tanker carrying crude oil from Iraqi Kurdistan was anchored near the Port of Galveston, Texas, and must undergo a routine safety inspection by the U.S. Coast

Offshore Energy

Europe Sleep Walking into an Energy Crisis: Analyst

The downing of flight MA17 has prompted calls for further sanctions on Russia targeted at its energy sector. Douglas-Westwood in its 'DW Monday' analysis considers

Rosneft Starts Up Field Work in the Kara Sea

On July 24 this year, research vessel Geolog Dmitry Nalivkin sailed from Kirkenes (Norway) to the Kara Sea. In the next three months 2D seismic survey, will

Wagenbourg New Crane for Oil, Gas, Energy Sector

Wagenborg Nedlift has expanded her crane fleet with a brand new 700 tonnes mobile crane. With this crane the fleet is significantly strengthened. Equipped with

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators 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: 0.1225 sec (8 req/sec)