CNOOC Limited announced that the China National Offshore Oil Corporation (CNOOC), its parent company, has signed a PSC or a production sharing contract with PetroBroad Copower Limited (PetroBroad Copower) to do work for  Block 28/03 in Pearl River Mouth Basin.

The Block 28/03 is strategically located in Pearl River Mouth Basin which is in the eastern part of the South China Sea. Block 28/03 covers a total area of 68 square kilometers with water depths of up to 95 meters.

Under the terms of the contract, PetroBroad Copower will do 3D seismic data surveys for Block 28/03. PetroBroad Copower will also conduct drill exploration wells within the block during the set exploration period. All expenses will be during the exploration period will be shouldered by PetroBroad Copower. Also under the terms, CNOOC has rights to participate in up to 51% of the working interest for any commercial discoveries found within the blocks.