SPC enhances exploration with acreage in China
The Board of Directors of Singapore Petroleum Company Limited ("SPC" and the "Company") is pleased to announce that the Company has through its wholly-owned subsidiary, SPC E&P (China) Pte. Ltd. ("SPC E&P China") entered into a Production Sharing Contract ("PSC") with China National Offshore Oil Corporation ("CNOOC") for Block 26/18 (the "Block"), subject to final governmental approvals. SPC will operate the Block with a 100% participating interest.
On the acquisition, Mr Koh Ban Heng, Chief Executive Officer, said, "We are very pleased to build an alliance with CNOOC, a major offshore oil and gas producer, for this foothold in the large China oil and gas market."
"SPC has steadily grown its presence in the regional exploration and production sector since 2000. Gaining entry into China will allow SPC to tap its vast market and further strengthen SPC's exploration and production portfolio".
The Block covers an area of approximately 4,961 square kilometres and is located in the Pearl River Mouth Basin, South China Sea. The Block is approximately 150 kilometres from shore in water depths of between 85 and 200 metres.
Under the PSC, SPC is committed to conduct seismic survey and exploration drilling. CNOOC has the right to participate in up to a participating interest of 51% in the PSC, upon a commercial discovery.
SPC E&P China was incorporated in Singapore with a paid-up capital of S$2 as a wholly-owned subsidiary of SPC E&P Private Limited, which is a wholly-owned subsidiary of SPC. -Singapore Petroleum Company
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
