CNOOC opens London office

Apr 19, 2005 02:00 AM

Underscoring China's expanding search for oil, the country's third largest oil company has opened offices in London to bring it closer to potential targets in the Middle East and Africa.
China National Offshore Oil Corp. (CNOOC) opened a London office days ago, chief London representative Chen Zhubiao told an industry conference.

CNOOC made a splash when it lost out to ChevronTexaco in a bid for Unocal, the ninth largest US oil company by reserves. The bid followed CNOOC's purchase of a small stake in Canada's MEG Energy.
Chinese oil companies are already looking for oil or gas in Sudan and Saudi Arabia and are actively searching for acreage in northern and western Africa. The compliment is being returned. During a visit to Beijing, Nigeria's president called for closer ties in the energy sector. CNOOC expanded its drilling operations from China into Indonesia when it acquired Repsol-YPF's oil and gas fields there in 2002.

China's surging oil demand caught producers off guard last year and has helped underpin high oil prices. Demand is forecast to slow down to about 9 % from last year's breakneck growth rate of about 16 %.
China has emerged as the world's second biggest oil consumer after the US.

Source: Dow Jones
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