Eni, CNOOC Sign New PSC for Exploration in the South China Sea

Eni has signed a new Production Sharing Contract with CNOOC for exploration in the South China Sea.

The block, called Block 50/34, covers an area of about 2,000 sq km in the Qiongdongnan basin in conventional waters. The exploration period will last 6.5 years, subdivided in 3 phases.

The offshore block was one of 26 offered by CNOOC in a second tender of offshore blocks in 2012.

This new PSC confirms the interest of Eni to continue and consolidate its presence in China, particularly in the South China Sea, where the company cooperates with the Chinese NOCs since middle 80’s, both for exploration and production.