China: CNOOC seeks to rekindle offshore interest

CHINAL NATIONAL Offshore Oil Corporation (CNOOC) has offered 10 new offshore exploration blocks to foreign investors in various locations along the country's coastline. CNOOC, which holds exclusive rights to co-operate with foreign firms offshore China, says none of the blocks have seen much exploration activity in the past. One block is in Bohai Bay, one in the South Yellow Sea basin, one in the East China Sea, four in the Eastern South China Sea and three in the Western South China Sea. The blocks cover a total offshore area of 35,158 square km. The offer comes at a time when offshore oil production is beginning to offset the gradual decline of traditional onshore supplies. Offshore oil ou