The China National Offshore Oil Corp. (CNOOC) and Shell Exploration (China) Limited on April 26 signed an oil contract to explore a block in the South China Sea.
So far, CNOOC has signed a total of 143 oil contracts with 70 oil companies from 18 countries and regions, according to a CNOOC source.
The block, coded 15/12, lies in the Pearl River mouth of the South China Sea covering an area of 1895 sq km.
According to the contract, Shell will undertake all exploration and appraisal costs. If the exploration is successful, CNOOC will hold 51 percent of the stakes.
