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CNOOC, Eni sign offshore oil pact

Updated: 2012-04-12 08:02
By Zhou Yan ( China Daily)

China National Offshore Oil Corp, the country's biggest marine oil producer, signed a production-sharing contract on Wednesday with Eni China BV for a deepwater block in the South China Sea.

Italy-based Eni will operate the 30/27 block, which has a total area of 5,130 square kilometers and lies 400 kilometers off the coast of Hong Kong, according to Zhang Yuxiao, a media official at CNOOC Ltd, a listed arm of CNOOC.

CNOOC said in a statement that Eni will conduct three-dimension seismic surveys and drill one exploration well in the block and cover all expenditures during the exploration period.

CNOOC, Eni sign offshore oil pact