Eni signs production sharing contract with CNOOC

Posted on 17 April 2012

Eni and China National Offshore Oil Corporation (CNOOC) signed a production sharing contract on 11 April in Beijing for the exploration of Block 30/27. The contract comprises the acquisition of a 3D-seismic survey of 2,000 sq km and the drilling of one well to be performed during the first exploration period.

Block 30/27, situated 400 km off the coast of Hong Kong and covering 5,130 sq km in the deepwater of the South China Sea, has a high exploration potential. Eni will be the operator of the project, with a 100% interest, leveraging on its deepwater experience. In the case of a discovery, CNOOC has a back-in right of up to 51%.

Eni has been present in China since 1980 and has been operating in the country since 1984. Currently joint operator in the CACT Consortium, together with CNOOC and Chevron, Eni holds an equity participation of 16.33% in two offshore blocks located in the South China Sea (Block 16/08 and Block 16/19), with a daily production of around 10,000 boed. Eni, as an operator, is also engaged in an exploration campaign in Block 28/20.

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