Fosun-owned Australian company Roc Oil has agreed to extend its co-operation with PetroChina to continue to develop the Zhaodong oil play in Bohai Bay off northern China, though details including what size stake Roc is going to hold in the new agreement have yet to be finalised.
Roc’s PSC with PetroChina on Zhaodong will expire in mid-September following 15 years of operation and the two companies have reached an agreement to extend their partnership for another five years until 2023.
