No royalties
China will waive off-shore oil royalties on small fields developed in a second round of international bidding. Mr Chen Bingqian, of the China National Offshore Oil Corporation, told a news conference that, to encourage foreign oil companies to develop small fields, there will be no royalties on wells producing less than one million tonnes a year. Kumara well
The Kumara well in Westland was at 1206 m at 6 a.m. yesterday and drilling was continuing, Petrocorp (Exploration), Ltd, said.
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Press, 3 July 1985, Page 34
Word Count
81No royalties Press, 3 July 1985, Page 34
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