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Santa Fe Energy Resources Inc., Houston, signed production sharing contracts with China National Offshore Oil Corp. that cover blocks in the Pearl River Mouth and Beibu Gulf basins off southern China.
Santa Fe holds 100% of the working interest in both blocks. It has committed to programs of seismic reprocessing, acquisition of more seismic, and drilling on each block. The blocks are in 130-400 ft of water.
Block 15/34 covers about 800,000 acres about 50 miles south of Hong Kong. It adjoins Block 27/11, where Santa Fe Energy previously acquired a 40% interest in a production sharing contract operated by Kerr-McGee Corp. The two blocks give Santa Fe Energy …