ROC's activity in China is significant. We are a joint venture partner in the offshore Beibu Gulf and Zhao Dong assets and operator of the onshore Bajiaochang asset. China is a critical element of ROC's business and we aim to continue pursuing our growth objectives in China to build on our reputation as a credible operator.
In line with this strategy, in May 2021 ROC acquired an onshore producing tight gas asset, the Bajiaochang field, Sichuan Basin. ROC is operator with 100% working interest. The acquisition includes operational employees and an office located in Chengdu.
In the Bohai Bay, ROC has a 24.5% interest in the Zhao Dong Block, containing two producing fields - C&D.
ROC has a 39.2% interest in the Zhanghai and Chenghai Blocks, adjacent to the Zhao Dong Block. The existing Petroleum Contract covering the Zhao Dong Block was modified to include these blocks in March 2011 with the aim of commercialising previous near field discoveries in the area and encouraging further exploration activity.
In the Beibu Gulf, ROC has an interest in the WZ 6-12 and WZ 12-8 production and development areas. ROC operates exploration and appraisal activities while CNOOC is the operator of development and production operations.
Since 2002, ROC has actively explored and appraised the area (previously Beibu Gulf Block 22/12), discovered the WZ 6-12 field and has worked with CNOOC through the appraisal and development phases since 2008. Production from the WZ 6-12 field and WZ 12-8W field commenced in 2013 with production performance remaining in line with expectation. The WZ 12-8E field was identified for future development and ODP was finalised by CNOOC in April 2019. The development project reached FID in October 2020 and implementation of the development plan is in progress.
In July 2018, ROC (together with Smart Oil Investment Limited) signed a Petroleum Contract with CNOOC to develop the Weizhou 10-3W oil field in the Beibu Gulf. ROC has a paying interest of 58.3% until FID is reached.
In the Pearl River Mouth Basin in the South China Sea, ROC has 100% operated interest in exploration block 03/33 Contract Area A (which contains ROC's 2018 discovery, HZ12-5-1) and 50% operated interest in exploration block 03/33 Contract Area B.