Eni announced that it has inked a new production sharing contract with China’s CNOOC for the exploration of one block offshore Hainan island in the South China Sea.
In a statement, Eni said that the Block 50/34 covers an area of about 2,000 sqkm in the Qiongdongnan Basin in conventional waters.
The exploration period will last 6.5 years, subdivided in 3 phases, Eni said.
This new PSC confirms the interest of Eni to continue and consolidate its presence in China, particularly in the South China Sea, where the company cooperates with the Chinese NOCs since middle 80’s, both for exploration and production.
Photo Credit: Eni
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