China has become a substantial overseas producer

Jul 29, 1997 02:00 AM

July 15, 1997 China National Petroleum Corp. has been granted the rights to contract, operate and hold shares in overseas oilfields in Canada, Peru, Thailand as well as other countries, and the move has produced noteworthy results. So far, China has recorded an annual oil supply of 700,000 tons from the overseas oilfields which the country contracted to operate, either wholly or partly, marking a major breakthrough in expanding the international oil markets. And the establishment of the China Overseas Oil and Gas Co. Ltd., a subsidiary of the China National Offshore Oil Corp (CNOOC), has attracted the attention of the international oil circle.
CNOOC has by now purchased a 32.58 % of the stock from the Indonesian Malacca Oilfield, becoming its largest shareholder. China has charted a yearly oil supply of 400,000 tons from the Malacca Oilfield since 1994. And by the end of 1996, CNOOC had taken back all the dividends.
Moreover, CNOOC has succeeded in expanding its technological presence in the world oil markets. The overseas projects taken on by CNOOC include an offshore platform in the UAE, offshore oil drilling in Japan, and geophysical prospecting and seismic data collection in other countries. Additionally, CNOOC experts have been invited to act as technological advisors for overseas oil exploration in Kazakhstan. China's offshore oil supply is expected to reach 2 million tons by 2000.

Source: not available
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