China National Offshore Oil Corp. has signed a Product Sharing Contract
China National Offshore Oil Corp. has signed a Product Sharing Contract for block 26/18 with Singapore Petroleum Co. Ltd.
Under the terms of contract, Singapore Petroleum in its first co-operation between the two will conduct 2D seismic survey and exploration drilling at block 26/18 of the Pearl River Mouth Basin, which covers a total area of 4,961 square kilometers with a water depth of 85 to 200 meters.
Expenditures for the same will be borne by Singapore Petroleum.
In the event of any commercial discovery, CNOOC has the right to participate in up to 51% interests.