China National Offshore Oil Corporation has signed two production sharing contracts with U.S.Newfield Exploration Company for blocks numbered 22/15 and 16/05, both in the South China Sea.
Block 22/15 in the Beibu Gulf Basin in the western South China Sea covers 5,228 square km, with water depth of 10 to 60 meters.
Newfield will reprocess the two-dimensional seismic data, a technical survey containing geological clues for hidden oil fields, and conduct drilling operations.
Under the contracts, all costs incurred during exploration will be borne by Newfield. CNOOC Ltd. has the right to an interest up to 51 percent in the event of any commercial discoveries. -Neftegaz.RU
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