South China Sea tender progressing 'smoothly'
Source: Agencies |
July 18, 2012, Wednesday
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Print Edition
Print Edition
CNOOC, China's top offshore oil producer, said yesterday that a tender issued last month to invite firms to bid for oil and gas blocks in the South China Sea was progressing well, attracting interest from companies, including some based in the United States.
In late June, it invited foreign companies to jointly develop nine blocks in the western part of the South China Sea, a move Vietnam declared illegal as it claimed the blocks overlap its territorial waters and ownership is disputed.
"The tender moves on smoothly ... we are following it up according to procedures," CNOOC Chairman Wang Yilin told reporters.
Wang didn't elaborate on the potential bidders.
But experts cautioned that the tender was unlikely to draw the interest of major intentional firms wary of tensions between China and Vietnam. Analysts said even smaller ones would balk when it comes to making real investment decisions.
In late June, it invited foreign companies to jointly develop nine blocks in the western part of the South China Sea, a move Vietnam declared illegal as it claimed the blocks overlap its territorial waters and ownership is disputed.
"The tender moves on smoothly ... we are following it up according to procedures," CNOOC Chairman Wang Yilin told reporters.
Wang didn't elaborate on the potential bidders.
But experts cautioned that the tender was unlikely to draw the interest of major intentional firms wary of tensions between China and Vietnam. Analysts said even smaller ones would balk when it comes to making real investment decisions.
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