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CNOOC has signed a production sharing contract (PSC) with Smart Oil, informed CNOOC Limited. The contract is for the Bohai 09/17 Block which covers 509.3 square kilometers. Under the scope of this agreement, Smart Oil will be the operator of the field during the exploration period. And when the development phase starts, CNOOC will have 51% of the participating interest in any commercial discoveries of the Bohai 09/17 Block.