Oil and gas explorer Roc Oil Company Ltd (ASX:ROC) says it expects to make a final investment decision on a $US300 million project offshore China by the end of February, following its Chinese partner CNOOC Ltd endorsing the development plan.
Roc Oil says it is the first time that CNOOC has entered into a deal to share infrastructure with international joint venture partners for the development of multiple Chinese offshore fields.
The first oil is expected before the end of 2012, producing up to 20,000 barrels of oil per day for around two years before declining.
Also, Roc Oil has today reported total sales revenue for 2010 was $US235.5 million.
The company says though production fell in the last three months of 2010, revenue in the quarter ended on 31 December rose 26 per cent to $US75.3 million.
In the year to 30 June 2010, Roc Oil posted a net profit of $7.8 million.
ROC Price at posting:
38.5¢ Sentiment: None Disclosure: Held
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