Qatar Petroleum, state owned petroleum major in Qatar, has signed a 25-year exploration and production sharing pact for Qatar Offshore Block 'BC' with CNOOC Middle East (Qatar) Ltd, a subsidiary of China Offshore Oil Corporation.

According to an official communiqué, the total term of the agreement is for 25 years with an initial five-year exploration period during which three wells have to be dug up at Block BC with an estimated cost of 100 million U.S. dollars.

Under the arrangement, the CNOOC Middle East is committed to conduct seismic data acquisition, processing and drilling of exploration wells.

It should be noted that the Gulf Arab emirate is among the world's top exporters of liquefied natural gas.