ROC's activity in China is significant. We are a joint venture partner with CNOOC in the offshore Beibu Gulf Basin and Pearl River Mouth Basin of the South China Sea, as well as a joint venture partner with PetroChina in 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 and partner.
In line with this strategy, in May 2021 ROC acquired an onshore producing tight gas asset, the Bajiaochang field, Sichuan Basin. ROC is the Operator with 100% working interest. The acquisition includes operational employees and an office located in Chengdu.
In the Beibu Gulf Basin of the South China Sea, ROC has an interest in the WZ6-12, WZ12-8W and WZ12-8E production areas.
Since 2002, ROC has actively explored and appraised the area (previously Beibu Gulf Block 22/12), discovered the WZ6-12 field and has worked with CNOOC through the appraisal and development phases since 2008. Production from the WZ6-12 field and WZ12-8W field commenced in 2013 with production performance significantly exceeds expectation. An ODP for the WZ12-8E field was finalised by CNOOC in April 2019. The development project reached FID in October 2020 and first oil was achieved in April 2022. Total 7 development wells of ODP plus 4 additional development wells were completed for production by January 2023.
In July 2018, ROC 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. The project reached FID and entered into the development phase in April 2024. Currently, construction of the production platforms are in progress.
In the Pearl River Mouth Basin of the South China Sea, ROC has 50% operated interest in exploration block 03/33 which contains ROC's 2018 discovery, HZ12-5-1 and ROC's 2022 discovery HZ12-7-1. Work is in progress on development feasibility studies.
The oil contract for Block 22/12 in the Beibu Gulf of the South China Sea was signed in December 1999, and the WZ12-8W/6-12 oilfield officially commenced production in April 2013. Given that this is a marginal offshore oilfield development, the cooperative oilfield faced numerous challenges in the initial stage. However, the Sino-foreign cooperative team boldly broke through barriers and innovated, ultimately achieving economic and effective development of the cooperative oilfield. Since its production start, the oilfield has operated well, with stable and over-fulfilling production. As of 2024, the cumulative oil production has reached 2.28 times the target set in the ODP development plan. It is projected that by August 2028, at the end of the 15-year production period, the cumulative oil production will exceed 2.6 times the target set in the ODP development plan.
The WZ12-8E oilfield officially commenced production in April 2022. As of 2024,
cumulative oil production from the field has reached the ODP programme's forecasted
total production of 4.11 million barrels, and it is expected that the final
cumulative production could reach approximately 10 million barrels.
Equity production in 2024: 0.61 MMBOE.
In May 2021, ROC acquired 100% of the operating rights of the Bajiaochang gas field in central Sichuan, thereby significantly expanding its business share in the natural gas sector.
Since becoming the operator of the Bajiaochang Project in 2021, ROC has efficiently
completed drilling and completion operations at multiple well sites and rapidly
advanced the construction of the DPP and LNG projects through innovative management
models and the integration of advanced technologies. These efforts have increased
the daily natural gas production of the Bajiaochang gas field from 0.86 million
cubic meters to the current 4.26 million cubic meters, earning high recognition from
its partners.
Equity production in 2023: 5.78 MMBOE
ROC signed a Petroleum Contract with CNOOC on 3 July 2018 to develop the Weizhou 10-3W oil field in the Beibu Gulf of the South China Sea.
In 2021, the project successfully passed expert reviews by both CNOOC Zhanjiang Branch and CNOOC Limited. The feasibility study for the project’s development plan was approved in May 2022.
The project completed the basic design in 2023. Based on expert review comments from CNOOC Zhanjiang Branch and CNOOC Limited, Roc finalized Overall Development Plan (ODP).
In April 2024, the final investment decision (FID) was approved by all JV partners. The project entered into the development phase. Development operations are currently underway, and production is expected to commence in the first quarter of 2026.
ROC signed the first exploration project contract for Block 03/33 in the eastern South China Sea with China National Offshore Oil Corporation (CNOOC) in 2015 and served as the operator of the exploration block. In October 2022, a significant exploration breakthrough was achieved at the Huizhou 12-7 oilfield located in this block, with the exploration well encountering nearly 50 meters of net oil-bearing strata (vertical thickness) in the Palaeocene Epping Formation.
In March 2023, the Huizhou 12-7 oil field received approval from the relevant authorities of the Chinese government and add nearly 10 million tonnes of proven geological reserves of oil. The project is currently in the pre-development feasibility study phase, with the oilfield expected to be constructed and put into production in the second half of 2028.
ROC has a 30% participating interest in the D35/D21/J4 PSC, offshore Sarawak.
PETRONAS Carigali Sdn Bhd is the Operator and has appointed ROC as the project development manager, responsible for subsurface management, well engineering, new facilities projects, production optimization and redevelopment project execution.
The terms of the PSC are designed for field redevelopment and enhanced oil recovery to commercially encourage progressive incremental oil and associated gas development over the full life of the PSC for the project. In addition, the project also offers appraisal opportunities.
ROC has been involved in the offshore oil and gas field project located in the waters of Sarawak, Malaysia since January 1, 2014. The company is responsible for underground oil storage, well intervention, new facility projects, and field redevelopment drilling.
After entering the project, ROC actively organized development drilling
assessments
and applied innovative technologies while simultaneously advancing drilling and
production. These efforts not only reversed the previous decline in production
but
also enabled the project to exceed its overproduction target within the budgeted
cost.
Equity production in 2024: 1.71 MMBOE
ROC, through its subsidiary Tethys Oil, acquired in late 2024, holds a significant interest in the Sultanate of Oman. Tethys Oil has been active in Oman since 2006 and has steadily expanded its presence over the past two decades. As of 2025, the Group is active on blocks covering a total of 18 percent of Oman.
The Group focuses its Omani value creation process on the high potential, yet underexplored, areas flanking the basins that currently constitute most of Oman’s oil production. So far, the main success story is Blocks 3&4 with 45.6 million barrels of oil produced since 2010 and with continued significant exploration potential remaining. The Group aims to explore, appraise and develop its operated blocks to bring them to commercial production. In its operations, the Group aims for low-cost drilling and exploration near established infrastructure in areas with the potential for short discovery to production cycles.
ROC’s current production in Oman stems from the Group’s 30 percent share of the producing assets on Blocks 3&4 in the eastern regions of the country, from which 7,889 barrels of oil per day were produced in 2024. The Group is also the operator of three blocks in Oman, which it is working towards maturing for production: Block 49, Block 56, and Block 58. In November 2024, the Omani Ministry of Energy and Minerals approved a Field Development Plan for Block 56, after which the block was declared commercial. The development of Block 56 is scheduled to commence in 2025, with a second stream of production in Oman anticipated to be introduced in 2026.
In December 2024, ROC Oil completed the tender offer for Tethys Oil. Tethys Oil is an oil exploration and production company with interests in four onshore oil fields in Oman, covering a combined area of approximately 60,000 square kilometers, of which nearly 90% remains undeveloped, presenting significant potential for reserve growth and production increase.
Following the transaction, ROC's crude oil net equity reserves grew by 123% and production increased by 140%. Its contract period was extended by over 10 years. These enhancements have laid a solid foundation for the sustainable development of the oil & gas segment.