Offshore oil sector becomes major source of China's crude oil

Some land oil fields in China will dry up soon, but the offshore oil sector is undergoing a rapid growth. The increment of crude oil in China's 11th Five Year Plan (from 2006 to 2010) will mainly come from offshore oil, said Jiang Longsheng, Deputy General Manger of China National Offshore Oil Corporation.
Some land oil fields in China will dry up soon, but the offshore oil sector is undergoing a rapid growth. The increment of crude oil in China's 11th Five Year Plan (from 2006 to 2010) will mainly come from offshore oil, said Jiang Longsheng, Deputy General Manger of China National Offshore Oil Corporation.

The oil consumption soars in China due to its rapid growing economy. China has become increasingly dependent on imported crude oil since 1993. In 2003, China imported more than 100 mm tons of crude oil, which made 36.1 % of China's oil consumption relying on import.
The International Energy Agency predicts that China' crude oil import will hit 120 mm tons in 2004, hence the second largest oil consumption country. Shortage of energy has become a bottleneck for China's economic growth, added Jiang at the signing ceremony of China Shipbuilding Industry Corporation's building of a 400 feet drilling ship for the China National Offshore Oil Corporation.

Since its establishment in 1982, the China National Offshore Oil Corporation's annul output has grown from 90,000 tons to 33.36 mm tons in 2003. This year, the corporation put forward a strategic objective of producing 40 mm cm of oil equivalent in 2008, 50 mm to 55 mm cm of oil equivalent in 2010 and overseas profit oil of 20 mm cm of oil equivalent.
To achieve the objective, the corporation keeps on investing in equipment and has built 25 oil drilling platforms and floating oil barges. This action has notably enhanced the equipment and competitiveness of the corporation.