Subsidiary Husky Oil Operations (China) has inked the production sharing contract with CNOOC covering Block 15/33 in the Pearl River mouth basin.
Husky is to become operator during the exploration phase and will bear 100% of costs during that phase.
CNOOC has the right to back in for up to 51% to any commercial discoveries.
The PSC covers 155 square kilometres and sits in waters ranging from 80 to 100 metres.
