CNOOC, BP to explore in deepwater Pearl River Mouth basin

Offshore staff

HONG KONG – CNOOC (NYSE:CEO) has signed a production-sharing contract with BP for the deepwater block 54/11 in the Pearl River Mouth basin of the South China Sea.

The block covers 4,586 sq km (1,771 sq mi) in water depths of 370 to 2,300 m (1,214 to 7,544 ft).

BP will bear all exploration costs and CNOOC can participate in up to 51% working interest in any commercial discoveries. CNOOC also is operator.

7/17/2013

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