$HUSKF $CNOOC Limited (CEO) announced today that it signed a production sharing contract with Husky Oil Operations (HUSKF) for Block 16/25 in the South China Sea. According to the terms of the PSC, Husky shall act as the operator during the exploration period and conduct exploration activities in the block mentioned above, in which all expenditures incurred will be borne by Husky. Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the block.