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    CNOOC signs PSC with Santa Fe

    Projects and Operations // May 18, 2001
    China National Offshore Oil Corporation has a new Production Sharing Contract (PSC) with Santa Fe Energy Resources (China) Limited.

    The contract covers the exploration area of Block 27/10 in the Pearl RiverMouth Basin of South China Sea.

    Block 27/10 is in the Pearl River Mouth Basin of South China Sea, about160km south of Hong Kong. It covers an area of 6,546 square km. Santa Fe is committed to investing at least US$10 million for explorations in the block within the term of the contract.

    Under the terms of the PSC, CNOOC Limited has an option to take up to 51 per cent working interest in any commercial discoveries made in the block.

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