Beijing: In a bid to up domestic oil production Cnooc yesterday offered an unprecedented 25 offshore blocks to foreign companies, 15 of which are deemed deepwater.
All the deepwater blocks are in the South China Sea.
China’s oil production is slowing at just 2.2% a year, far behind demand and Beijing is desperate to kick start domestic offshore production, especially in its largely untapped deepwater areas. [09/10/13]
