2009-08-19-2007-09-01-2007-09-01

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Description

Production-sharing contract

Newfield Exploration Co., Houston, (NYSE: NFX) has entered two production-sharing contracts in the South China Sea with China National Offshore Oil Corp., Hong Kong (NYSE: CEO). The assets include Block 22/15 in Beibu Gulf Basin in the western South China Sea and Block 16/05 in Pearl River Mouth Basin. Block 22/15 covers 5,228 square kilometers and Block 16/05 covers 2,064 square kilometers. Newfield will pay all expenditures incurred during exploration and CNOOC Ltd., a subsidiary of China National, has the right to participate in up to 51% interest in the event of any commercial discovery. Newfield now has three contracts that cover more than 14,200 square kilometers (approximately 3.5 million acres). CNOOC Ltd. vice president and general manager of exploration Zhu Weilin says, "CNOOC Ltd. and Newfield have maintained a good long-standing partnership before both parties signed these two contracts."