Primeline Energy to Conduct 3D Seismic Operations (China)

Primeline Energy to Conduct 3D Seismic Operations (China)

Primeline Energy Holdings Inc. announced that it has received confirmation of the approval of the petroleum contract for Block 33/07 (“Petroleum Contract 33/07”) from the Ministry of Commerce in China.

As previously announced, Primeline and CNOC entered into a new petroleum contract for Block 33/07 on 15th June 2012. Petroleum Contract 33/07 was subject to the approval of the Ministry of Commerce of China and Primeline has received confirmation from CNOOC that such approval has been granted. The effective date of the Petroleum Contract 33/07 is 1st November 2012.

Block 33/07 covers an offshore area of 5,877 Sq km (1.45 million acres) enclosing Block 25/34 and the Contractor’s interest is shared 75% /25% by the Company and Primeline Petroleum Corporation (“PPC”). Petroleum Contract 33/07 has a 7-year exploration period divided into 3 exploration phases of 3, 2 and 2 years, each with a minimum work commitment. The firm commitment in the first phase is for two exploration wells plus 660 sq km of 3D seismic. Any discoveries in the new contract area have the right to use the production facilities being built for the LS36-1 gas field. The fiscal terms for Petroleum Contract 33/07 are the same as the previous petroleum contract for Block 25/34.

Press Release, October 30, 2012

Share this article

Follow Subsea World News

Events>

<< Dec 2016 >>
MTWTFSS
28 29 30 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

AOG 2017

The Forum will begin directly after the SUT Subsea Controls DownUnder Conference, drawing a wider audience for our suppliers.This event…

read more >

13th Deepwater AsiaPacific 2016 (DAP2016)

They stronglyurge you to join them in this record-breaking event which is highly recognized for its unique networking opportunities,…

read more >

Offshore West Africa 2017

Offshore West Africa 2016 brought together a record-breaking attendance of oil & gas professionals, creating a vibrant networking experience,…

read more >

Subsea Expo 2017

Subsea Expo is the world’s largest subsea exhibition and conference and is completely free to attend. Registration gives you access…

read more >