Project Profile
Location: Qiongdongnan Basin, South China Sea, China
Area: approx. 2,000km²
Start-up Year: -
Eni has signed a new production sharing contract with China National Offshore Oil Corporation (CNOOC) for exploration of Block 50/34 in the South China Sea. The block covers an area of approximately 2,000km² in the Qiongdongnan Basin in conventional waters. Under the contract, Eni will undertake 3D seismic survey and drill an exploration well in the block during the six-and-half-year exploration period. Eni will bear all the expenditures during the period, which is planned to be subdivided in three phases. CNOOC has the right to participate in up to 51% working stake after any commercial discoveries.
Operators:
Eni: Operator with 49% interest
China National Offshore Oil Corporation (CNOOC): 51% interest