Manufacturing Industry
CNOOc joins hands with TARC.(NEWSDESK: Plan)(China National Offshore Oil Corp.)(Texas American Resources Company)(Brief Article)
China Chemical Reporter, November, 2005
China National Offshore Oil Corporation (CNOOC) and Texas American Resources Company (TARC) signed two contracts on October, 18th in Beijing about petroleum in Pearl River Mouth Basin located in the north of South China Sea, which marks the first step in cooperation between TARC and CNOC Ltd. The two contracts are a production sharing contract (PSC) for Block 03/27 and a geophysical agreement for Block 28/20. Under the terms of the contract, TARC is committed to drill wildcats during the exploration period. TARC will fund 100 percent exploration expenditure and CNOOC Limited, the subsidiary of CNOOC, has the right to back-in with up to a 51% working interest at no cost in any commercial discoveries in the block.
Block 03/27, located in Pearl River Mouth Basin,...
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