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CNOOC, Devon jointly develop S.Yellow Sea
www.chinanews.cn 2006-02-23 14:47:33
Chinanews, Beijing, Feb. 22 (By Jia Quanxin) - CNOOC Limited announced on
Wednesday that its parent company China National Offshore Oil Corporation
(CNOOC) has signed a production sharing contract with Devon Energy
Corporation for block 11/34 in the South Yellow Sea.
Block 11/34 covers a total area of approximately 10,840 square kilometers
in the northern part of South Yellow Sea Basin. Water depth of the block
ranges from 20 to 60 meters. CNOOC has acquired 2-D seismic data and
drilled wells in block 11/34, one of the blocks CNOOC offered to public
bidding in 2005.
Under the terms of the contract, Devon, which is specialized in oil and
gas exploration and production, is committed to conduct 2-D seismic
survey and drill prospecting wells during the exploration period. All
expenditures incurred during the exploration period will be borne by
Devon. CNOOC Ltd. has 51%-strong of interests in the event of any
commercial discovery in the block.
This contract is the eleventh between CNOOC and Devon.
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