China has issued a tender offering eighteen offshore blocks for exploration to foreign companies with half of those located in the Pearl River Mouth basin, in the South China Sea.
The blocks cover an area of 52,257 km2 and are are available for cooperation between the national oil company CNOOC and foreign oil companies.
Out of these eighteen blocks, three are located in Bohai Bay basin; one in South Yellow Sea basin; nine in Pearl River Mouth basin; one in Yinggehai basin; and four in Qiong Dongnan basin.
According to CNOOC, the terms and conditions regarding the exploration period, relinquishment and payment on the signature fees can be flexible if the block area belongs to the deepwater area, deep play structure and HTHP structure.
In addition, CNOOC said that with the precondition of CNOOC acting as the operator and if the investment from the contractors can be guaranteed, the investment companies or the investment consortium will be welcomed to bid for the open blocks.
Data room was opened on February 24, 2016, and the closing date is set for June 30, 2016.
The bidding is open until October 31, 2016.
Offshore Energy Today Staff