CBI member Shell recently announced that it had signed an
offshore oil and gas production sharing contract (PSC) with CNOOC for block
35/10 in the Yinggehai Basin west of Hainan Island.
Block 35/10 covers a total area of 3,427 square kilometres. This is the third
offshore oil and gas PSC Shell and CNOOC have signed in the Yinggehai Basin
following the signing of PSCs 62/02 and 62/17 in July 2012. Shell will have
100% working interest during the exploration phase. In any eventual development
phase, Shell will hold 49% interest and CNOOC 51%.
Shell, as operator, will apply advanced seismic acquisition and processing
technologies to conduct 3D seismic data surveys in the block. During the
exploration phase, Shell will carry all the exploration costs and apply
advanced technologies in the exploration operations.
Huibert Vigeveno, Executive Chairman of Shell in China, said, "We are
delighted to increase our position in the Yinggehai Basin and continue to
expand our cooperation with CNOOC. We look forward to successful exploration
outcomes in the coming years."
Click here
to read the full press release by Shell.
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