Project Profile
Value: Undisclosed
Location: Block 42/05 in the South China Sea
Estimated Reserves: 22 billion barrels of oil
Area: 6,939 square kilometres
Block 42/05, located in Baiyun Sag of Pearl River Mouth Basin in the Eastern South China Sea, covers a total area of 6,939 square kilometres.
Chevron has drilled two wells in Block 42/05, which were dry.
This new opportunity in Block 42/05 is a significant step to increasing our footprint in the region, as well as building on our existing business in the South China Sea.
CNOOC will farm in for 51% interest if a commerical discovery is made and the field is ready for development.
Operators:
Chevron: Operator with 59.18% interest
BP: 40.82% interest
CNOOC: Will farm-in 51% interest if commerical discovery made