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  • Zhao Dong PSC Extension Agreement Signed Between Roc Oil & PetroChina
    édité le 03/09/2018 - Plus de news de "Roc Oil" - Voir la fiche entreprise de "Roc Oil"

Zhao Dong PSC Extension Agreement Signed Between Roc Oil & PetroChina
Roc Oil (Bohai) Company (Roc Oil), a wholly owned subsidiary of Roc Oil Company Limited (ROC), has signed the Seventh Modification and Supplementary (Production Period Extension) Agreement for the Zhao Dong Production Sharing Contract (PSC) with PetroChina Company Limited (PetroChina), extending the production period to 2023.

The PSC is due to expire in early September 2018 following 15 years of operation and the parties have reached agreement to extend the partnership for another five years until 2023. During the extended production period, PetroChina will hold a participating interest of 75.5% and Roc Oil will hold the remaining 24.5%.

The Zhao Dong Oil Field consists of six offshore platforms and as of today, the cumulative oil production from the field has reached over 13.9 million tonnes (94.8 million barrels). With innovative management concepts and cost control and high efficiency measures, the Zhao Dong project has been a great oil field development and operational success.

Commenting on the execution of the Zhao Dong PSC Extension Agreement, ROC’s CEO Dr. Jiang, Yuanlin

“The Zhao Dong project has maintained excellent performance with annual production of over
one million tonnes (6.82 million barrels) for a consecutive eight years - this is as a result of great cooperation with PetroChina.
With 12 years of amicable cooperation with PetroChina, a strong and capable joint working team has been forged between ROC and PetroChina allowing us to overcome the most severe ice disaster in the Bohai Bay and the great challenges of the low oil price environment.
Furthermore, with innovative and proactive management and effective measures to reduce cost and increase efficiency, the Zhao Dong project remains profitable even during the low oil price environment when the oil price was as low as 40USD/barrel. This is an extraordinary achievement.
Going forward, we have full confidence in the Operator, Dagang Zhao Dong Oil Company of PetroChina, to continue to deliver operationally and on production.
We remain actively seeking for more opportunities within China based on the success of the Zhao Dong project.”

About Roc Oil

Roc Oil Company Limited (ROC) is one of Australia's leading independent upstream oil and gas companies with a presence in China, South East Asia and Australia. The Company operates across the full range of upstream business activities from exploration and appraisal to development and production delivery.

About PetroChina

PetroChina Company Limited (“PetroChina”) is China’s largest oil and gas producer and distributor, playing a dominant role in the oil and gas industry in China. It is not only one of the companies with the biggest sales revenue in China, but also one of the largest oil companies in the world. The American Depositary Shares (ADS) and H shares of PetroChina were listed on the New York Stock Exchange on April 6, 2000 (stock code: PTR) and the Stock Exchange of Hong Kong Limited on April 7, 2000 (stock code: 857) respectively. It was listed on Shanghai Stock Exchange on November 5, 2007 (stock code: 601857).

Origine : Communiqué Roc Oil

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