CNOOC, KUFPEC team up for exploration offshore China

Offshore staff

HONG KONG – China National Offshore Oil Corp. (CNOOC) has signed three production-sharing contracts with KUFPEC (China) for blocks 52/22, 52/26, and 63/13 in the South China Sea.

All are in the Yinggehai basin. Water depths range from 60-300 m (197-984 ft).

CNOOC will operate the blocks and will contribute 20% of exploration expenditures, which will include 3D seismic data surveys and drilling. KUFPEC will pay the remaining 80%.


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