Ten new blocks offered cover a total area of 30,388 square kilometers. Six blocks are located in East China Sea, three in the Pearl River Mouth Basin of Eastern South China Sea, and three in Beibuwan Basin of Western South China Sea. Also offered this time are two new broad prospective areas in the South Yellow Sea Basin and the Eastern Pearl River Mouth Basin for contracts or agreements.
The blocks ready for PSCs have seen some degree of exploration activities with promising structures identified and mapped out. The two areas offered for contracts or agreements are new exploration areas yet undergoing any material exploration.
"The new bidding round of exploration blocks for PSCs, and areas for contracts or agreements is consistent with CNOOC's strategy of attracting industry players to share the risk and reward of exploration offshore China. It is a 3-ways winning strategy, adding petroleum reserves and production to China and sharing upside rewards by PSC contractors and CNOOC. We encourage our friends to take a serious look at these assets, " said Mr. Shouwei Zhou, President of the Company.
CNOOC, according to the current Chinese regulations and laws, has the exclusive rights to farm-in contractors' exploration successes.
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