China National Offshore Oil Corp. (CNOOC), the country's largest offshore oil producer, has signed a product-sharing contract with an Australian company on an oilfield in the Bohai Sea.
According to the contract, Roc Oil (Bohai) Company will collect three dimensional geological data on the 09/05 oilfield during the exploration period, CNOOC Ltd., a subsidiary of CNOOC, said Friday.
Roc Oil (Bohai) Company, a wholly-owned subsidiary of Roc Oil Co., one of Australia's largest oil and gas producer, will drill the block during the exploration period and bear all costs arising from the exploration, the contract said.
The contract entitled CNOOC to have a maximum 51-percent stake in any commercial oil and gas operations on the oilfield, which is 50 kilometers southeast of the port city of Tianjin.
ROC Price at posting:
37.5¢ Sentiment: Buy Disclosure: Held
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