CNOOC Signs Three Production Sharing Contracts With KUFPEC China - Quick Facts

(RTTNews) - CNOOC Limited (CEO, CNU.TO) announced that its parent company, China National Offshore Oil Corporation, or CNOOC, has signed three production sharing contracts with KUFPEC (China) Inc. for Blocks 52/22, 52/26 and 63/13 in the South China Sea. CNOOC shall act as the operator of the three blocks. Expenditures will be borne by CNOOC and KUFPEC in a proportion of 20% and 80% of participating interest, respectively.

Both companies will conduct 3D seismic data surveys and will drill exploration wells. Once entering the development phase, CNOOC has the right to participate in up to 70% of the working interest in any commercial discoveries in the blocks.