CNOOC Signs Production Sharing Contract With SK For Block In South China Sea

(RTTNews) - CNOOC Limited (CEO, CNU.TO) announced that its parent company, China National Offshore Oil Corporation, has signed production sharing contract with SK Innovation Co., Ltd. for Block 17/08 in the South China Sea. SK Innovation Co. shall act as the operator during the exploration period and conduct exploration activities in the block, in which all expenditures incurred will be borne by SK Innovation Co. Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the block.

The block covers a total area of 466 square kilometers with a water depth of 100-130 meters.