Sources said CNOOC and CPC have just extended the production sharing contract for the Taichao block for another two years in order to allow additional time for further exploration.
The two companies have just completed a 3D seismic survey covering 2000 square kilometres in the central part of the 15,400-square kilometre block in water depths of 2000 to 2500 metres.
They will have a better idea of a potential well location following the completion of data interpretation, which is scheduled for June or July this year.
Sources
