Fosun-owned Roc Oil has confirmed it will extend its petroleum contract with PetroChina to continue developing the Zhaodong oil play in Bohai Bay off northern China.
Roc and PetroChina agreed to extend their production sharing contract from September until April 2023. Roc will hold a 24.5% working interest.
The companies have agreed to drill 24 wells during the two years after the agreement is finalised.
