Canada’s Husky Oil Signs Deals with China’s CNOOC

Husky Oil Operations (China) Limited, a division of Calgary, Alberta-headquartered Husky Energy, has signed two production sharing contracts (PSCs) with China National Offshore Oil Corporation’s CNOOC Limited. The PSCs are for two exploration blocks located in the Beibu Gulf of the South China Sea. According to the terms of the PSCs, Husky will act as the operator during the exploration period and conduct exploration activities in the two blocks, with all expenditures borne by Husky. Upon entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the blocks.  

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