CNOOC signs PSC with Shell


CNOOC Ltd. (NYSE: CEO, SEHK: 00883) reports that its parent company, China National Offshore Oil Corp. (CNOOC) has signed a production sharing contract (PSC) with Shell China Exploration and Production Company Ltd. for Block 35/10 in the Yinggehai Basin in the South China Sea.

Block 35/10 covers a total area of 3,427 square kilometers with water depth of 80-110 meters. According to the terms of the PSC, Shell will conduct 3D seismic data survey and may drill exploration wells in the block during the exploration period, in which all expenditures incurred will be borne by Shell. CNOOC has the right to participate in up to 51% working interest in any commercial discoveries in the block.

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