CNOOC to Explore Waters off Guinea

CNOOC Ltd. signed a production sharing contract to explore for crude oil and natural gas and develop an area offshore of Equatorial Guinea. The contract area covers 2,287 square kilometers with a water depth between 30 meters and 1,500 meters. The contract was signed between CNOOC Africa Ltd, the National Oil Company of Equatorial Guinea and the Ministry of Mines, Industry and Energy. The exploration period was set at five years, and CNOOC will act as the project's technical operator. Under the terms of the contract, CNOOC will conduct seismic data interpretation and drill exploratory wells. (Source: Shanghai Daily)