Gronghui April 11, 2009, 2009, 2009sandboxcryptometaverse. SZ) PublishedsandboxcryptometaverseIt is planned to jointly invest in the West Development Project of Weizhou 10 - 3 Oilfield. According to the business model adopted in this project, the investment amount of the project is positively related to the oil price. According to the oil price of USD 70/barrel, it is estimated that the investment amount of Smart Oil in this project is about 5sandboxcryptometaverse50 million yuansandboxcryptometaverseThe project is jointly developed by Smart Oil, CNOOC and Rocco Oil, and can be implemented only after internal decision-making approval of each partner. As of the date of this announcement, all partners have completed the internal decision-making approval process.
According to the overall development plan of the Project, the crude oil share belonging to Smart Oil during the production period after the Project is put into operation is about 3.25 million barrels, which can effectively guarantee the continuous and stable crude oil output of Smart Oil, which is in line with the strategic development plan of the Company; it is beneficial to the practical experience of the Company in offshore marginal oil fields, to explore the oil and gas development market in the South China Sea, and to the development of the Company in the oil and gas business field.