The China National Offshore Oil Corp (CNOOC) is exploring new ways and channels to expand Sino-foreign cooperation in tapping the country's vast offshore oil and gas resources.

According to CNOOC President Wei Liucheng, China has huge offshore oil and gas resources, estimated at 25 billion tons and 14 trillion cu m, respectively.

However, the proven offshore oil and gas reserves in China account for only five percent of the country's total estimated resources, said the official.

He stressed that only by dramatically increasing Sino-foreign cooperation in this sector, can China speed up offshore oil and gas development.

Wei said that the foreign oil giants have shown intense interest in investing in China's offshore oil and gas exploration.

To date, China has had nearly 140 contracts with over 70 companies in 18 countries and regions to jointly develop these resources, utilizing a total of nearly 7 billion US dollars in foreign investment.

Through Sino-foreign joint efforts, China has sunk more than 400 exploratory wells and verified more than 100 oil and gas-bearing structures.

Wei noted that the country is planning to develop more oil and gas blocks in the South China Sea, East China Sea, and Yellow Sea through Sino-foreign cooperation.

The CNOOC produced 16.17 million tons of offshore oil and 4.39 billion cu m of gas in 1999, earning profits of 2.75 billion yuan.(Xinhua)