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BP & CNOOC Sign Agreement for 3rd Deepwater Block

Source: www.gulfoilandgas.com 7/16/2013, Location: Asia

BP and CNOOC signed a production sharing agreement for Block 54/11 in the deepwater Pearl River Mouth Basin, South China Sea. The block covers 4,586 square kilometres in water depths from 370 to 2,300 metres, and is close to BP’s existing deepwater interests in Blocks 43/11 and 42/05.

Liming Chen, President BP China, said: “This builds on our South China Sea presence creating a strong base for future exploration success for China and for BP.”

CNOOC will be operator of 54/11; terms of the production sharing agreement were not disclosed.

BP was awarded acreage in deepwater blocks 42/05 and 43/11 in 2010 and 2011 respectively; both are in the exploration period.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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