Exploration & Production

CNOOC signs PSC with Eni for deepwater block

China National Offshore Oil Corp. Ltd. (CNOOC Ltd.), the listed arm of the country’s leading offshore energy producer, has signed a production sharing contract (PSC) with Eni for a deepwater block in the South China Sea, CNOOC Ltd. announced on Wednesday.
By Tang Tian and Li Xin 11 April 2012 0 9023

China National Offshore Oil Corp. Ltd. (CNOOC Ltd.), the listed arm of the country’s leading offshore energy producer, has signed a production sharing contract (PSC) with Eni for a deepwater block in the South China Sea, CNOOC Ltd. announced on Wednesday.

Block 30/27 is located 400 km southeast of Hong Kong and spans an area of 5,130 square km, according to the announcement. The block, lying at a depth of between 1,000 and 3,500 m in the Pearl River Mouth Basin, is one of 19 offshore oil...