China open offshore blocks investment announcement in 2016

On February 24th, CNOOC issues offshore blocks investment announcement in 2016 and launches 18 open blocks in cooperation with foreign oil companies, with a total area of 52,257 square kilometers. On the basis of a four-turn standard contract they adopt the following flexible and preferential treatment and will continue to explore new mode of cooperation with tenderers. (1) For the open block, including deep water, deep layer, high temperature and pressure areas, may adopt a more flexible term in the respect of exploration deadline, area relinquishment and signature fee payment; (2) In the premise of CNOOC as the operator and fulfillment of contractor’s investment obligation been fulfilled, investment company or investment consortium can also bid. Reference Room Opening time: release date of this announcement. Closing time: June 30th, 2016. Tender deadline: October 31st, 2016.

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