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| | CNPC in Equatorial Guinea
| | CNPC entered Equatorial Guinea in 2006. Our major oil and gas asset in this country is in
Block M.
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Oil and Gas Operations
Block M is located in the Rio Muni basin, covering an area of 2,703 square kilometers. On May 15, 2006, CNPC signed a Simplified Purchase Agreement (SPA) for Block M with Fruitex. On July 21, 2006, an E&P contract on Block M was approved by the government of Equatorial Guinea. CNPC has a 70% stake in Block M and is implementing the new production sharing contract (PSC) as the operator.
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