Metalnewsnet 13 May ：

China National Offshore Oil Corporation announced that in its first tender of the year it is making 13 offshore blocks in the South China Sea available for operation in conjunction with foreign firms.

China National Offshore said the 13 blocks in water 18 metres to 300 meters deep cover an area of 41,713 square kilometers.

Mr Zhong Jian an analyst with Shanghai based Toprise Information & Technology said "CNOOC is severely short of deep sea exploration technologies and foreign petrol companies need to enter the oil-hungry Chinese market."

CNOOC has adopted a 21% to 28% annual growth target this year higher than the annual growth targets for international oil giants, including BP and Royal Dutch Shell which scaled back targets last year when oil prices were falling.

CNOOC normally cooperates with foreign companies to explore for offshore oil and gas due to money or technology shortfalls. China oil exploration capabilities in the South China Sea are now limited to the shallow continental shelf areas off South China's Guangdong and Hainan provinces.

CNOOC released its first quarter earnings results recently, saying its total revenue rose 118.5% to CNY 30.49 billion in the first quarter from oil equivalent output of 67.3 million barrels increase of 31.9% from 2009.

Mr Wang Zhen business administration director of China Petroleum University said "Cooperation with multinational oil companies can reduce risk and enhance competitiveness for the Chinese parties. He said that at the same time, Chinese companies can learn advanced technology and management skills from international oil peers."

Mr Li Fanrong general manager of the Shenzhen Branch of CNOOC said "CNOOC will increase investment in the oil and gas explorations in the South China Sea, which hold immeasurable potential oil and gas reserves."

(Sourced from Global Times)