Petronas seals China pact<\/p>\n
KUALA LUMPUR (AFP): Malaysia's national oil company Petroliam
\nNasional Bhd (Petronas) Saturday sealed its third oil exploration
\ncontract in China.<\/p>\n
Petronas unit, Petronas Carigali Overseas Sdn Bhd (PCOSB)
\nsigned a pact with China National Offshore Oil Corp (CNOOC) and
\nChevron Overseas Petroleum Ltd to jointly undertake oil and gas
\nexploration.<\/p>\n
PCOSB and Chevron, as contractors, would hold 40 percent and
\n60 percent equity respectively in the venture, Petronas said in a
\nstatement.<\/p>\n
But in the event of discovery, CNOOC has the right to acquire
\nup to 51 percent interest with the remaining 49 percent to be
\nshared proportionately by PCOSB and Chevron.<\/p>\n
The block, located in offshore Liaodong Bay Basin in the Gulf
\nof Bohai, covers an area of about 5,250 square kilometers.<\/p>\n
Under the contract terms, the three parties are required to
\nacquire \"three- dimensional seismic data and drill exploration
\nwells within the first three years\", Petronas said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/petronas-seals-china-pact-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}