February 13, 2015

"China's premier offshore oil company China National Offshore Oil Corp. (CEO -Analyst Report) or CNOOC Limited announced that its parent company – CNOOC – has inked two production sharing contracts (PSCs) with SK Innovation Co. Ltd. The company’s share price, however, has been trending downward post announcement and has shown a 0.3% fall.

The PSCs relate to two blocks – 04/20 and 17/03 – located in the Pearl River Mouth Basin in the South China Sea. Spread across a total area of 5,138 square kilometers, Block 04/20 has a water depth of 50–100 meters. Block 17/03 coves a total acreage of 7,686 square kilometers and lies in a water depth of 50–100 meters. CNOOC’s Open Blocks in Offshore China for the year 2012 included both these blocks."

Read more:

http://www.zacks.com/stock/news/164446/cnooc-sk-ink-contracts-for-2-blocks-in-south-china-sea