CNOOC’s parent company, China National Offshore Oil (CNOOC) has signed a production sharing contract (PSC) with Smart Oil Investment (Smart Oil) for Block 05/31 in Bohai.
Located in the junction of Qikou Sag and Nanpu Sag of the west of Bohai, the Block 05/31 covers a total area of 270km² with water depth ranging from 5 to 15m.
Smart Oil will conduct 3D seismic data survey and drill exploration wells in the block during the exploration period, according to the PSC terms.
During the period, all expenditures incurred will be borne by Smart Oil. The Chinese offshore crude oil and natural gas producer CNOOC can take part in up to 51% working interest in any commercial discoveries in the block.
