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China Offshore Major to Explore Oil in Guinea

The contract was signed between CNOOC Africa Ltd and the National Oil Company of Equatorial Guinea

CNOOC Ltd, China's biggest offshore oil and gas producer, has 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, according to a statement issued by the Beijing-based company over the weekend.

The contract was signed between CNOOC Africa Ltd, the National Oil Company of Equatorial Guinea and the Ministry of Mines, Industry and Energy, according to the statement.

The exploration period was set at five years, and CNOOC will act as the project's technical operator, the statement said

Under the terms of the contract, CNOOC will conduct seismic data interpretation and drill exploratory wells.