Chevron, CNOOC sign two production sharing contracts in China

Posted on 16 January 2013

A China subsidiary of Chevron has signed two production sharing contracts with China National Offshore Oil Corporation (CNOOC) for Blocks 15/10 and 15/28.

The blocks are located in Xijiang Sag of Pearl River Mouth Basin in the east part of the South China Sea. They cover a total area of 2,233 sq miles (5,782 sq km).with water depths of 50 to 100 meters.

Under the agreements, Chevron China Energy Company will hold a 100% interest, but CNOOC has the right to participate in up to 51% working interest in any commercial discoveries in the blocks. During the exploration phase, the Chevron subsidiary will be the operator of the two shallow water blocks and will conduct 3D seismic data surveys.

“Exploration of these blocks builds on our strategy to grow our business across the Asia Pacific region, where we are developing LNG, deepwater, shale and sour gas resources,” said George Kirkland, vice chairman, Chevron Corporation.

“We are very pleased to become partner with Chevron again and wish this project to achieve commercial discoveries soon to create economic returns for both companies,” Zhu Weilin, executive vice president and general manager of exploration for CNOOC, said.

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 22 April 2015

    Transocean appoints Jeremy D. Thigpen as President & CEO

    Transocean has announced that Jeremy D. Thigpen has been named President and Chief Executive Officer effective 22 April 2015. Mr Thigpen succeeds Ian C. Strachan, Interim...

  • 22 April 2015

    Noted broadcast journalist Eithne Treanor to MC IADC World Drilling 2015, Rome, 17-18 June

    IADC is pleased to announce that noted industry broadcast journalist and professional moderator Eithne Treanor will serve as master of ceremonies...

  • 22 April 2015

    UBO & MPD Committee drives safe practices, while survey indicates industry moving toward acceptance

    The IADC Underbalanced Operations & Managed Pressure Drilling Committee continues to drive safe practices...

  • 22 April 2015

    Video: Schlumberger’s At Balance brand aims to make MPD more accessible

    Schlumberger recently brought back the At Balance brand as a family of product and services offering at the 2015 IADC/SPE Managed Pressure Drilling and Underbalanced...

  • 21 April 2015

    Petrobras’ first MPD operation aboard a DP rig succeeds

    Petrobras’ first use of MPD aboard a dynamically positioned rig proved successful and kept NPT to less then 3%, according to a paper presented at the 2015 IADC/SPE...

  • Read more news