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China National Offshore Oil Corporation (CNOOC), China's largest offshore oil producer, signed two production sharing contracts (PSC) with British-based international energy company, BG Group, for two deepwater oil blocks in the western area of the South China Sea, CNOOC sources said on Wednesday.

A geophysical survey agreement on another deepwater block in the eastern part of the South China Sea was also signed.

Both of the PSC blocks, 64/11 and 53/16, are located in the Qiong Dong Nan Basin, and block 41/06 is in the Pearl River Mouth Basin.

The three blocks are on the list of 12 blocks that CNOOC offered for joint exploration in 2002, covering a total area of approximately 25,800 square kilometers and with water depths ranging from 180 to 2,100 meters.

This is the first time that CNOOC and BG Group are cooperating in offshore exploration in China.

CNOOC has signed four deepwater contracts to date with other foreign partners.

Under the terms of the contracts, BG Group will conduct 2D and 3D seismic data collection in Blocks 64/11 and 53/16, and drill one exploration well during the first phase of the exploration period on each block.

BG Group will retain 100 percent interest during the exploration phase and CNOOC has the right to up to 51 percent working interest in any commercial discoveries in the blocks.

According to the agreement on Block 41/06, BG Group is committed to acquiring 2D seismic data, and processing and interpreting current data.

Fu Chengyu, President of CNOOC, said that the company expects BG Group's decision to join CNOOC in exploring deep water potential in offshore China to benefit both companies.

According to experts, a deepwater area of over 300 meters deep is a prime location for potential oil and gas discoveries.

(Xinhua News Agency June 8, 2006)