State-run CNOOC Ltd (0883.HKG) on Tuesday invited foreign companies to bid for 15 deep-water blocks as China looks to ramp up domestic oil capacity, The Wall Street Journal reported. The country’s main offshore oil company said in a statement posted to its website that it would offer 25 offshore blocks to foreign partners this year, with an unprecedented number of deep-water blocks on offer. China’s annual crude-oil output has grown by 2.2% on average since 2002, according to Chinese government data. Its oil demand is expected to grow by about 4% in both 2013 and 2014, according to US government energy forecasts.
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