CNOOC and BP collaborate in exploring a deepwater block in South China Sea
Date：07-17-2013 Source：CEDA
CNOOC announced that it signed a contract with BP for a deepwater block in Pearl River Mouth Basin in the South China Sea on July 16, which was the 200th oil contract of CNOOC with foreign partners since its establishment.
According to the agreement, BP will be responsible for all the expenditures during exploration. CNOOC has the right to participate in up to 51% working interest in any commercial discoveries in the block. CNOOC will be the operator of the block.
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