China National Offshore Oil Corp (CNOOC) has signed a production-sharing contract (PSC) with Roc Oil (Bohai) Co and Smart Oil Investment for an oilfield in the South China Sea, domestic news site stock.qq.com reported on Tuesday.
According to the terms of the PSC, Roc Oil and Smart Oil shall act as the joint operators of the contract area, the report noted.
Roc and Smart will conduct development operations of the oilfield in proportion to their participating interests - Roc and Smart account for 35 percent and 25 percent, respectively - and CNOOC will contribute the remaining 40 percent, the stock.qq.com report said.
