Shell Signs New Deals with CNOOC, CNPC

(MarineLink)
Wednesday, July 25, 2012

Shell signed two offshore oil and gas Production Sharing Contracts (PSCs) with CNOOC, and a PSC amendment with CNPC for a new development phase for the Changbei gas field in China. Shell has also entered an agreement with CNOOC for its participation in two Shell exploration blocks offshore Gabon, West Africa.
The two offshore oil and gas PSCs with CNOOC are for blocks 62/02 and 62/17 in the Yinggehai Basin. Shell, as operator, will apply advanced seismic acquisition and processing technologies to conduct 3D seismic data surveys in the Yinggehai blocks. Shell will cover the costs for the acquisition of seismic data and will use advanced drilling technologies to drill exploration wells during the exploration phase. Shell will hold a 100% working interest during the exploration phase, that will be reduced to 49% in any eventual development phase, with CNOOC as majority partner.
The onshore tight gas PSC amendment with CNPC represents a new phase for the development of the existing Changbei block with 1,692.5 square kilometers in the Ordos Basin, and adds scope to develop additional tight gas sands and further develop the already producing main reservoir. Subject to government approval and pending the outcome of the appraisal campaign, this additional development project could increase the current production plateau of 320mmscf/d. Shell will continue to be the operator at Changbei.
In Gabon, CNOOC will acquire a 25% participating interest in offshore exploration blocks BC9 and BCD10. CNOOC will reimburse Shell for 25% of certain past exploration costs and carry part of the future exploration costs. Shell will remain operator with 75% interest. The agreement is subject to government approval. Lim Haw-Kuang, Executive Chairman of Shell Companies in China, said: “We are delighted about the return to offshore exploration in China and the opportunity to work with CNOOC again on a major project in the country. We are equally delighted to continue and expand the Changbei success story in partnership with CNPC. Moreover, we are very pleased to have entered the farm-out agreement with CNOOC in Gabon. These new projects in partnership with Chinese companies are the latest showcase of our China strategy to work with our Chinese counterparts both in China and globally to help meet the country’s energy needs to fuel its fast growing economy.”


 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

Maersk to Scrap Ships at India's Alang Beaches, NGO Dismayed

Maersk Line said on Friday it had chosen four shipbreaking yards along India's Alang beaches to handle an increase in vessels that need to be scrapped, to the dismay

Teknotherm Marine Moves HVAC Arm to Bergen

Maritime heating, ventilation and air conditioning (HVAC) firm Teknotherm Marine has established a new subsidiary is established with the name Teknotherm Marine HVAC AS.

Offshore

Premier Oil and Rockhopper Abandon Ocean Rig Contract

Two of the major British players in Falkland Islands offshore oil development, Premier Oil and Rockhopper Exploration, cancelled a joint venture contract with Ocean Rig UDW.

US Oil Drillers Cut Rigs to Least in 6 Years

U.S. energy firms this week cut oil rigs for an eighth week in a row to the lowest levels since January 2010, data showed on Friday, as energy firms continue to

Eni, Exxon, Statoil Win Irish Offshore O&G Licences

The Irish government said on Thursday it had awarded oil and gas licences to companies including oil majors Eni, Exxon and Statoil , allowing them to explore for hydrocarbons off the coast of Ireland.

Energy

Premier Oil and Rockhopper Abandon Ocean Rig Contract

Two of the major British players in Falkland Islands offshore oil development, Premier Oil and Rockhopper Exploration, cancelled a joint venture contract with Ocean Rig UDW.

US Oil Drillers Cut Rigs to Least in 6 Years

U.S. energy firms this week cut oil rigs for an eighth week in a row to the lowest levels since January 2010, data showed on Friday, as energy firms continue to

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage
rss | archive | history | articles | privacy | 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: 0.1072 sec (9 req/sec)