China Overview

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 completed the Basic Design phase in 2023 and is nearing development final investment decision.

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.