China has launched an offshore licencing round for oil and gas blocks covering an area of approximately 126,108 square kilometers.
CNOOC, China’s national oil company, has invited foreign companies to bid for 33 offshore exploration blocks located on the country’s continental shelf.
Foreign oil firms have until April 30, 2015, to submit written bids to CNOOC, for the blocks located in the Yellow sea, East China Sea and South China Sea.
Of the blocks offered, 25 are located in the South China Sea, 4 in the Yellow sea and 4 in the East China Sea.
A rapidly growing economy has driven the world’s most populous country’s high overall energy demand and the quest for securing energy resources.
EIA forecasts that China’s oil consumption will continue growing through 2014 at a moderate pace to approximately 11.1 million bbl/d, and its net oil imports will reach 6.6 million bbl/d compared to 5.5 million bbl/d for the United States.