BP, CNOOC sign new PSC

BP and China National Offshore Oil Corp. (CNOOC) Ltd. signed a production sharing agreement for Block 54/11 in the South China Sea, the two companies confirmed on July 16.

The block covers 4586sq km in water depths ranging from 370-2300m. Block 54/11 is located in the deepwater Pearl River Mouth Basin, near BP’s existing deepwater interests in Blocks 42/05 and 43/11 and, which the company received in 2010 and 2011.

CNOOC said the company will operate Block 54/11, and will maintain the right to participate in up to 51% working interest in any commercial discoveries in the block. BP will be responsible for all expenditures incurred during the exploration period.

Liming Chen, President BP China, said: “This builds on our South China Sea presence creating a strong base for future exploration success for China and for BP.”

Current News

Oceaneering Awarded Funding for Rosyth Cable Manufacturing Facility

Oceaneering Awarded Funding fo

Robosys Automation Aims to Streamline Offshore Wind Environmental Data Collection

Robosys Automation Aims to Str

Talos Energy Makes Three Leadership Appointments

Talos Energy Makes Three Leade

Heather Alpha Topside Removed in 14 Seconds

Heather Alpha Topside Removed

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine