Project Profile
Value: US$5-10 billion
Location: 145 km off the Gabonese coast
Water depth: 1,200 - 2,100 m
Current production: 320mmscfd
In 2012, CNOOC acquired a 25 % stake in two offshore exploration blocks, the BC9 and BCD10. CNOOC paid Shell 25% of what that company has spent on exploration in those two areas, as well as for future exploration. Shell remained operator with 75% interest.
The blocks BC9 and BCD10 are in water depth between 1,200 and 2,100 metres requiring deep water technologies. Since China’s technology that can be used in exploring for deepwater oil still lags behind the major oil companies (IOCs), this agreement with Shell should leverage the expertise of the CNOOC in deep water.
Operators:
Shell (Gabon): Operator with 75% interest
CNOOC Limited: 25% interest