CNOOC, Roc Oil Sign PSC

CNOOC Limited announced that its parent company, China National Offshore Oil Corporation has signed a production sharing contract (PSC) with Roc Oil (Bohai) Company for Block 09/05 in Bohai Sea.

Block 09/05 is located 50 kilometres southeast of Tianjin, with a total area of 355 square kilometres and water depth of 4-10 meters.

As per the terms of contract, ROC will conduct 3D seismic survey and drill exploration wells in Block 09/05 during the exploration period, in which all expenditures incurred will be borne by ROC. CNOOC has the right to participate in up to 51% working interest in any commercial oil and gas discoveries in the block.