CNOOC, Kufpec sign three PSCs for South China Sea

China National Offshore Oil Corp. Ltd. reported signing three production-sharing contracts for the South China Sea with Kuwait Foreign Petroleum Exploration Co.

Blocks 52/22, 52/26, and 63/13 are in the Yinggehai basin (OGJ Online, June 20, 2014).

Work plans include 3D seismic data surveys and exploratory drilling. Expenditures during the exploration period will be borne 20% by CNOOC and 80% by Kufpec (China) Inc. CNOOC will be operator.

Once entering the development phase, CNOOC has the right to participate up to 70% of the working interest in any commercial discoveries.

Block 52/22 covers 1,896 sq km in 60-300 m of water; Block 52/26 covers 1,783 sq km in 80-160 m of water; and Block 63/13 covers 698 sq km in 80-140 m of water.

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