CNOOC Ltd has signed a production sharing contract that has seen it take an interest in two blocks in the South China Sea.
The state-run Chinese giant has been handed a 30% stake in blocks Beibu Gulf 23/29 and Beibu Gulf 24/11, situated in the Fushan sag and Leidong sag areas of the Beibu Gulf basin. PetroChina will operate the blocks — together comprising a contract area — on 70% during the exploration phase.
