Eni, CNOOC to explore jointly offshore China

Offshore staff

HONG KONG – CNOOC has signed a production-sharing contract with Eni in the South China Sea.

Block 50/34 covers 2,000 sq km (772 sq m) in the Qiongdongnan basin offshore Hainan Island.

Eni will acquire 3D seismic and drill one well during the three-phase, 6½-year exploration period, and will cover all expenses incurred.

CNOOC Ltd. has the right to participate in up to 51% of the PSC should commercial discoveries follow.

06/20/2014

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