CNPC ties up with Norwegian firm over offshore engineering project

Jun 18, 2007 02:00 AM

China National Petroleum Corp. (CNPC), China's largest oil and gas producer, has further ventured into the offshore exploration sector by tying up its wholly-owned engineering subsidiary with a listed Norwegian company in the construction, assembly and testing of the world's first twin marine lifter system.
China Petroleum First Construction Corp. and Oslo-listed SeaMetric International have signed a deal worth more than RMB 500 mm ($ 65.6 mm) over the TML project.

The TML system, which is expected to be completed in late 2009, will have a static lift capacity of 20,000 tons, compared to the current maximum lift capacity of 14,000 offered by present marine lifter technology. The two heavy transport vessels, which are the basis for the TML lifting system, will be subcontracted to the Jingjiang Nanyang shipyard.
Soaring oil prices have boosted offshore oil exploration activities, which in turn has led to bullish demand for exploration equipment and transportation vessels.

The chief engineer of Sinopec's Shanghai offshore oil and gas branch, Ge Weimin, told earlier that the difficulty in securing deepwater operation vessels and equipments had actually delayed exploration activities associated with its Sakhalin-III gas project in Russia.
CNPC also signed a strategic cooperation deal in March with Norwegian oil company Statoil, a world leader in offshore oil exploration.

Source: Asia Pulse Pte Ltd.
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