China National Offshore Oil Corp (CNOOC), the country's third largest oil producer, is setting up a new energy base in Tianjin with an investment of around 15 billion yuan.

Located in Binhai Hi-tech Industry Park in northeast Tianjin, the new base will mainly focus on the development of clean and renewable energy. CNOOC will also open a research and development center there, Shanghai Securities News reported yesterday.

CNOOC also said it would further its cooperation with Tianjin on oil exploration, company Chairman Fu Chengyu was quoted by the report as saying.