China has invited international oil companies to bid for offshore blocks in the South China Sea this year.
According to a statement by China National Offshore Oil Company (CNOOC), in 2017, 22 open blocks covering an area of 47,270 square kilometers are available for cooperation between CNOOC and the foreign companies.
CNOOC said the data room for the interested companies which are willing to purchase data on the offered blocks will be opened until June 15, 2017.
The foreign companies which would cooperate with CNOOC for the first time, are required before accessing to the data room, to provide relevant qualification review documents such as certificate of incorporation, company organization framework, financial statements and proof of upstream exploitation experience.
The tender closes on September 15, 2017.
In related news, CNOOC on Friday signed a production sharing agreement with Canada’s Husky Energy for the Block 16/25 located in the Pearl River Mouth Basin about 150 kilometers southeast of the Hong Kong Special Administrative Region.
The block covers a total area of 44 square kilometers with a water depth of 100 meters. According to the terms of the PSC, Husky will act as the operator during the exploration period and conduct exploration activities in the block, in which all expenditures incurred will be borne by Husky.
Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the block.
Offshore Energy Today Staff