China oil bids

Press, 19 August 1982, Page 9

China oil bids

NZPA Peking Thirty-three foreign oil firms had submitted bids to take part in exploitation of China's off-shore oil byWednesday's deadline, the "China Daily" reported yesterday. It quoted a spokesman for the China National-Offshore Oil Corporation as saying that 25 companies had formed 13 groups to make bloc bids while the other eight had put in individual offers.

The corporation planned to open the sealed bids today or tomorrow and to assess them over the next two to three months. After further consultations and negotiations, the corporation expected to sign

contracts with the lucky bidders by the end of the year, drilling to get under way in the (northern) spring, the daily said. Of the 48 companies from 13 countries which did preliminary survey work in the South China Sea and southern Yellow Sea, 40 had taken their interest a stage further in May this year by applying for bidding documents. The size of China's offshore reserves is unknown, because surveys so far were aimed mainly at pinpointing the most promising areas for drilling. Many oil experts believe that they are considerable and will greatly boost Chinese production, now stagnant about two million barrels a day.