The China National Offshore Oil Corporation (CNOOC), has signed production sharing contract (PSC) with US explorer Husky for Block 15/33 in the South China Sea.
Block 15/33 is located in the Pearl River Mouth Basin of the South China Sea.
The block covers a total area of 155 square kilometers with a water depth of 80-100 meters and is one of the blocks CNOOC offered for foreign cooperation in 2014.
According to the terms of the PSC, Husky will be operator during the exploration period and conduct exploration activities.
Once in the development phase, CNOOC has the right to participate in up to 51% of the working interest in any commercial discoveries of the block.