CNOOC Signs Two Production Sharing Contracts With Roc Oil China - Quick Facts

(RTTNews) - CNOOC Limited (CEO, CNU.TO) announced its parent company, China National Offshore Oil Corporation, has signed two production sharing contracts with Roc Oil (China) Company for Blocks 16/07 and 03/33 in the South China Sea.

Roc Oil China will act as the operator during the exploration period and conduct exploration activities in the two blocks, in which all expenditures incurred will be borne by ROC. Once entering the development phase, CNOOC has the right to participate in up to 51% of the working interest in any commercial discoveries of the blocks.