ROC signs further Bohai Bay PSC

Offshore staff                                  

HONG KONG – China National Offshore Oil Corp. (CNOOC) has signed a production sharing contract with Roc Oil (Bohai) for block 09/05 in Bohai Bay.

The block is 50 km (31 mi) southeast of Tianjin, and covers 355 sq km (137 sq mi) in a water depth of 4-10 m (13-33 ft), approximately 15 km (9.3 mi) north of ROC’s producing Zhao Dong field.

Roc says Bohai’s faulted sag zone plays remain under-explored, in contrast to faulted terrace plays. Block 09/05 exhibits primarily sag zone characteristics with stacked clastic reservoir potential, similar to the multi-layered sands in production at Zhao Dong.

Previous exploration activity on the block included wide-spaced 2D and limited 3D seismic acquisition. Two exploration wells were drilled prior to 3D seismic processing, which confirmed the presence of sands, but which were assessed to be off structure.

The minimum work commitment for the first exploration phase of the new PSC includes acquisition of 3D seismic and drilling of exploration wells. On completion of the first phase, there are two further optional two-year exploration periods with additional commitments.

In the event of a commercial, CNOOC has the right to participate in up to 51% of any development.

5/14/2012

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