CNOOC eyes new exploration targets

State-owned China National Offshore Oil Corporation (CNOOC) has set new production and exploration targets and will investigate both shallow-water and deep-sea opportunities, local media reported.

China's offshore region boasts untapped resources of up to 7.2 billion tonnes of oil equivalent, with only one-third of that discovered. New blocks in Bohai Bay and the South China Sea offer great potential for CNOOC. The new blocks in Bohai Bay are the company's priority for shallow-water exploration.

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