CNOOC Inks Production Sharing Contract With Eni China - Quick Facts

(RTTNews) - CNOOC Ltd. (CEO) Friday said its parent company, China National Offshore Oil Corp. (CNOOC) has signed production sharing agreement with Eni China B.V., for the Block 50/34 in South China Sea.

Under the contract, Eni will conduct 3D seismic survey and drill exploration well in Block 50/34 during the 6.5 years exploration period and will bear all the expenditures during this period. CNOOC Ltd. can have up to 51 percent working interest in any commercial discoveries in the block.

The Block 50/34, located in the Qiongdongnan Basin of offshore Hainan Island with a total area of 2,000 square kilometers, is one of the blocks CNOOC offered for foreign cooperation in 2012.