CHINA National Offshore Oil Corporation (CNOOC) has made a huge splash to coax foreign investment by offering four offshore blocks to international giants and a Chinese independent. Early this week, the Chinese operator signed four production snaring contracts with Total-Energies of France, Conoco-Phillips of the US, Fosun International subsidiary Roc Oil and Chinese upstream newcomer Sinogeo. Sinogeo's upstream arm, Smart Oil Investment, has committed to exploring Block 22/05 in the South China Sea. Shenzhen-listed Sinogeo will have a 100% interest in the block during the exploration period lasting six years and will foot the bill for all the exploration activities, including seismic surveys and well drilling. In case of commercial discovery, CNOOC will farm in for a 51% stake in the block during the production period, which will last 15 years. Sinogeo, which will be the operator of the block, said that it will inject $18 million into its Smart Oil Investment subsidiary to fund the exploration of the block.
展开▼
