China National Offshore Oil Corporation (CNOOC) has launched a fresh licensing round, offering what the state-run giant is describing as innovative terms to licensees.

On offer are 19 offshore blocks for exploration covering 26,600 square kilometres in Bohai offshore northern China and in the South China Sea.

Of the total, two blocks are in Bohai Bay with 470 square kilometres and 12 are in the Pearl River Mouth basin of the South China Sea, covering 20,800 square kilometres.