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.

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