July 26th, 2012 | Shanghai Daily CNOOC, Shell ink offshore block deals
CHINA National Offshore Oil Corp has signed production sharing contracts with Anglo-Dutch energy major Shell for two offshore blocks in the South China Sea.
Shell will conduct 3D seismic data survey and drill exploration wells in Blocks 62/02 and 62/17 in Yinggehai during the exploration period, in which all expenditure incurred will be borne by Shell, CNOOC said in a statement yesterday.
CNOOC has the right to participate in up to 51 percent working interest in any commercial discoveries in the blocks, the company said.
Shell also said it has entered a deal with CNOOC for its participation in Shell’s exploration of two offshore blocks in Gabon, West Africa.
Meanwhile, Shell revealed that it has amended a production sharing contract with China National Petroleum Corp for the Changbei onshore gas field in the Ordos Basin.
By Richard Fu