Royal Dutch Shell PLC (RDS.LN) Shell announces Wednesday that it signed two offshore oil and gas Production Sharing Contracts, or PSCs, with the China National Offshore Oil Corporation, or CNOOC, and a PSC amendment with CNPC, the China National Petroleum Corporation, for a new development phase for the Changbei gas field in China.
Royal Dutch Shell PLC (RDS.LN) Shell announces Wednesday that it signed
two offshore oil and gas Production Sharing Contracts, or PSCs, with the China
National Offshore Oil Corporation, or CNOOC, and a PSC amendment with CNPC, the
China National Petroleum Corporation, for a new development phase for the
Changbei gas field in
China
.
MAIN FACTS:
-Also entered an agreement with CNOOC for its participation in two Shell
exploration blocks offshore
Gabon
,
West
Africa
.
-The two offshore oil and gas PSCs with CNOOC are for blocks 62/02 and 62/17 in
the
Yinggehai
Basin
.
-Shell, as operator, will conduct 3D seismic data surveys in the Yinggehai
blocks.
-Will cover costs for the acquisition of seismic data and will drill
exploration wells during exploration phase.
-Shell will hold a 100% working interest during the exploration phase, that
will be reduced to 49% in any eventual development phase, with CNOOC as
majority partner.
-In
Gabon
,
CNOOC will acquire a 25% participating interest in offshore exploration blocks
BC9 and BCD10.
-CNOOC will reimburse Shell for 25% of certain past exploration costs and carry
part of the future exploration costs.
-Shell will remain operator with 75% interest.
-Agreement is subject to government approval.
-Shell's "A" Shares at 1008 GMT i[ 19 pence, or 0.9%, at 2,189 pence,
valuing the company at GBP141.1 billion.
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