Hong Kong: China National Offshore Oil Corp(CNOOC) said this week that it has signed a production-sharing contract with Hong Kong-based Primeline Petroleum to explore and develop an offshore oil block in the East China Sea.
The block is located about 390 km from Shanghai. Primeline will invest in the exploration while CNOOC has the right to take a 51% stake in any commercial discoveries in the block.
The deal is the fourth contract Primeline has signed with CNOOC. [20/06/12]