CNOOC Signs Production Sharing Contracts with Husky

Home>>Business

Last updated at: (Beijing Time) Tuesday, September 24, 2002

CNOOC Signs Production Sharing Contracts with Husky

DISCUSSION

CHINESE

SEND TO FRIEND

CNOOC Limited announced Tuesday that its parent company, China National Offshore Oil Corporation, signed two production sharing contracts on exploration in South China Sea with the Canada-based Husky.

Block 23/15 and Block 23/20, which are located in the Beibu Gulf in the South China Sea and about 80 km from Weizhou oil field, cover an area totaling 2,870 sq. km.

Under the terms of the contracts, Husky Oil China Ltd, a subsidiary of Husky Energy Limited based in Canada, will fund 100 percent of the exploration expenditure incurred. And CNOOC Limited, China's dominant producer of crude oil and natural gas offshore, is entitled to take at no cost a 51-percent participating interest in any commercial discoveries.

Husky will drill and complete one wildcat in each block during the first phase of the exploration period under the contracts.

Questions?Comments? Click here

CNOOC Invites Foreign Firms in South China Sea Projects