Project Profile
Location: 50 km southeast of Tianjin
Area: 355 sq. km
Water Depth: 5-10 m
Start-up Year: -
China National Offshore Oil Corp. signed a production sharing contract with Roc Oil (Bohai) for Block 09/05 in Bohai. Block 09/05 is located 50 kilometres southeast of Tianjin, with a total area of 355 square kilometres and water depth of 4-10 metres. According to the terms of the contact, Roc Oil will conduct 3D seismic survey and drill exploration wells in Block 09/05. China National Offshore Oil Corp. has the right to participate with up to 51% working interest in any commercial discoveries in the block. As of October 2013, ROC finalised a farmout option agreement on the 09/05 licence with Horizon Oil Limited. Under the terms of the agreement Horizon will pay 40% of all petroleum exploration costs incurred until the exercise or lapse of the option, which entitles Horizon the right to farm into with a 40% working interest in Block 09/05.
The block exhibited sag zone characteristics with stacked clastic reservoir potential, similar to the producing multi-layered sands at its Zhao Dong field about 15 kilometres to the north. Two wells have been drilled on Bohai 09/05 previously which Roc confirmed the presence of sands, however they were assessed to be off structure.
Operator:
Roc Oil (Bohai) Company: Operator with 24.5% interest
AWE Limited: 40% working interest
Horizon Oil Limited: 40% working interest
China National Offshore Oil Corp: has the right to participate in up to 51% working interest in any commercial discoveries in the block