HONG KONG – CNOOC has signed a production-sharing contract (PSC) with Empyrean Energy for block 29/11 in the South China Sea.
The block, in the Pearl River Mouth basin, spans 1,808 sq km (698 sq mi) in water depths ranging from 300-600 m (984-1,968 ft).
Empyrean will operate during the exploration period, incurring full expenditures. If the PSC progresses to the development phase, CNOOC can take an operating interest of up to 51%.
