CNOOC Ltd. said on Sept. 30 that its parent company, China National Offshore Oil Corp. (CNOOC), has signed a production-sharing contract (PSC) with Empyrean Energy Plc for Block 29/11 in the South China Sea.
Block 29/11 is located in Pearl River Mouth Basin of the South China Sea. The block covers a total area of 1,808 sq km (698 sq miles) with a water depth of 300 m to 600 m (984 ft to 1,968 ft).
According to the terms of the PSC, Empyrean shall act as the operator during the exploration period and conduct exploration activities in the block, in which all expenditures incurred will be borne by Empyrean. Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the block. After signing the above-mentioned PSC, except for those relating to CNOOC’s administrative functions, CNOOC will assign all of its rights and obligations under the PSC to CNOOC China Ltd., a subsidiary of CNOOC Ltd.
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