Chain National Offshore Oil Corporation (CNOOC) is offering 13 offshore exploration oil and gas blocks to foreign companies as part of its 2022 bidding round.
The state-backed player said thirteen blocks are available covering an area of 17,205 sq km. One block is in Bohai Bay covering 330 sq km, eleven blocks are in Pearl River Mouth basin covering 16,235 sq km, and one block is in Yinggehai basin covering 640 sq km.
“In 2022, CNOOC will innovate cooperation modes with foreign enterprises and expand the scope of partners while continuing to uphold the vision of win-win cooperation,” it said.
The data room will be open till December 31 and the closing date for submission of bids is February 28, 2023.
CNOOC is promising attractive terms for foreign companies willing to explore offshore China. For deep-water blocks and those with deep reservoirs, CNOOC said it will be flexible in terms of exploration period, acreage relinquish, signature fee and shares in the production sharing contracts (PSCs), but did not give specific details.