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South China Sea PY10-4 Project
South China Sea PY10-4 block is located in the middle of the Pearl River Mouth Basin with an area of 16,700 acres. The PSC contract of the block was engaged between PetroBroad Copower Limited (“PetroBroad”) and China National Offshore Oil Corporation in July 2013, which will be valid for 30 years. MIE acquired 34% of the equity interest of PetroBroad on May 25, 2016.
South China Sea PY10-4 Project is located in the South China Sea Basin, which has a very rich resource potential. At the same time, driven by the Belt and Road and the South China Sea Strategy, the government attaches great importance to the development of oil and gas resources in the South China Sea. The exploratory well of the project has tested to obtain a high-yield oil flow of 4,086 barrels per day, which is rarely seen in China. It has proved that a high-quality, high-yield oil field has been discovered. The recoverable resources of 3C amount to 15.7 million barrels, with an estimated average annual oil production peaking over 5,315 barrels/day.
The similar oilfield structure has been found in the western PY10-4W trap of this project, which has the potential for further exploration and development. The cooperative relationship with the world-class oil company CNOOC will be established through this project, which will help seek other opportunities.