BIDDING STRONG FOR TRACTS OFF E. CHINA

Seventeen foreign petroleum companies have submitted final bids for risk exploration contracts for oil and gas in the East China Sea to China National Offshore Oil Corp. (Cnooc). It is China's fourth offshore bidding round and the first offering of acreage in the East China Sea. Cnooc has sweetened terms for offshore operators bidding in the round. It expects to sign some contracts this year and exploration to begin early next year.

July 19, 1993

Seventeen foreign petroleum companies have submitted final bids for risk exploration contracts for oil and gas in the East China Sea to China National Offshore Oil Corp. (Cnooc).

It is China's fourth offshore bidding round and the first offering of acreage in the East China Sea. Cnooc has sweetened terms for offshore operators bidding in the round. It expects to sign some contracts this year and exploration to begin early next year.

The bidders' names remained confidential at presstime, but they hail from the U.S., U.K., Italy, South Korea, Japan, Denmark, and Netherlands, reported Beijing's China Daily. On offer are 20 blocks in two areas in 50-100 m of water in the East China Sea: one covering 18,800 sq km about 230 km east of Shanghai, the other 54,000 sq km about 110 km east of Wenzhou (see map, OGJ, July 20, 1992, p. 128).