Deepwater Blocks CNOOC Signed Amendment Agreements to PSC

| Editor: Dr. Jörg Kempf

The China National Offshore Oil Corporation (CNOOC) has signed amendment agreements to the Production Sharing Contracts (PSCs) with Chevron China (Chevron), BP China (BP) and Devon Energy Corporation (Devon) for deepwater blocks 42/05, 64/18 and 53/30 in South China Sea.

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These agreements have been approved by the Chinese government. Prior to this, Chevron and BP signed Sale and Purchase Agreements with Devon for the above blocks: Chevron acquired a 59.18% interest in block 42/05 and a 100% interest in blocks 64/18 and 53/30 from Devon in the exploration phase; BP acquired the remaining interest of Devon in block 42/05. During the exploration period, Chevron will act as the Operator in the three blocks. CNOOC Limited has the right to participate in up to a 51% interest in the event of any commercial discovery in the blocks.