View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
August 29, 2012

CNOOC invites bids for offshore blocks in China

China National Offshore Oil Corporation (CNOOC) has invited foreign exploration companies to bid for 26 more offshore blocks in China.

By admin-demo

China's Bohai Bay

China National Offshore Oil Corporation (CNOOC) has invited foreign exploration companies to bid for 26 more offshore blocks in China.

This is the second round of joint development tenders announced by the state-owned oil and gas company.

In June 2012, nine offshore blocks in the western area of the South China Sea were put up for bidding.

The auction includes 22 blocks located in the South China Sea, three in the East China Sea and one in northern China’s Bohai Bay.

Beijing Petroleum Exchange senior analyst Bai Bing was quoted by chinadaily.com.cn as saying the tender is the largest since China began offshore exploration in the 1990s.

CNOOC is also continuing to expand its business including its refining capacity.

"Strengthening its upstream, exploration and production will help ensure the supply in its downstream, sales and distribution businesses," Bing said.

The company first started drilling in the South China Sea in May 2012, prior to which the nation conducted drilling operations to depths of around 300m only.

British oil companies are expected to have more interest in the latest tenders, owing to their offshore exploration experiences in the deep waters of the North Sea.


Image: Investors will bid for an offshore block in the Bohai Bay. Image courtesy of: Kmusser.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU