Polymerupdate Press Release - CNOOC Signs a PSC with Smart Oil
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CNOOC Signs a PSC with Smart Oil

Petrochemical industry | 16 Apr 2019 | Polymerupdate.com
CNOOC Limited announced that its parent company, China National Offshore Oil Corporation (CNOOC), has signed a production sharing contract (PSC) with Smart Oil Investment Ltd. (Smart Oil) for Bohai 09/17 Block (contract area).

Bohai 09/17 Block is located in the Qikou sag, Bohai Bay Basin in China. It covers a total area of 509.3 square kilometers with a water depth of 5-10 meters.

According to the terms of the PSC, Smart Oil shall act as the Operator during the exploration period and conduct exploration activities in the block mentioned above, in which all expenditures incurred will be borne by Smart Oil. Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the Bohai 09/17 Block. After signing the above-mentioned PSC, except for those relating to CNOOC’s administrative functions, CNOOC will assign all of its rights and obligations under the PSC to CNOOC China Limited, a subsidiary of CNOOC Limited.


About Us

CNOOC Limited (the “Company”, together with its subsidiaries, the “Group” or “we”), incorporated in the Hong Kong Special Administration Region (“Hong Kong”) in August 1999, was listed on the New York Stock Exchange (code: CEO) and The Stock Exchange of Hong Kong Limited (code: 00883) on 27 and 28 February 2001, respectively. The Company was admitted as a constituent stock of the Hang Seng Index in July 2001. The Company’s American Depositary Receipts (“ADRs”) was listed on the Toronto Stock Exchange (code: CNU) on 18 September 2013.
Note: This story has not been edited by The Polymerupdate Editorial team and is auto-generated from a syndicated feed.
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