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World Oil, April, 2006
Devon Energy Corp. signed a production-sharing contract with China National Offshore Oil Corp. (CNOOC) covering block 11/34 offshore eastern China. Subject to governmental approvals, Devon will operate the block with a 100% working interest. CNOOC has the option to participate with a 51% working interest in the event of a commercial discovery.
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Within the exploration period, Devon must conduct a seismic survey and drill exploratory wells. Block 11/34 covers about 4,200 sq mi in the Southern Yellow Sea basin, offshore China, about 250 mi northeast of Shanghai.
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