Cnooc, Empyrean Sign South China Sea PSC
Chinese state-owned Cnooc has signed a production sharing contract (PSC) with Empyrean Energy for Block 29/11 in the South China Sea, it said September 30.
Block 29/11 is located in Pearl River Mouth Basin of the South China Sea and covers a total area of 1,808 km2 with a water depth of 300-600 meters. According to the terms of the PSC, Empyrean shall act as the operator during the exploration period and conduct exploration activities in the block mentioned above, in which all expenditures incurred will be borne by Empyrean, Cnooc said.
Once entering the development phase, Cnooc has the right to participate in up to 51% of the participating interest in any commercial discoveries of the block.