HONG KONG (Dow Jones Newswires), August 27, 2008
China National Offshore Oil Corp., the country's third largest oil firm by assets, said Wednesday it expects that deepwater gas fields in offshore China will start production in 2013.
CNOOC Chairman and Chief Executive Fu Chengyu told reporters at a press conference that CNOOC Group, as the Company is commonly called, expects the gas supply to go to southern Guangdong province, the most affluent province in China.
CNOOC Group, the parent company of CNOOC Ltd., has so far signed 10 deepwater contracts with foreign companies, such as Canada's Husky Energy Inc., to use their expertise in drilling in depths where CNOOC lacks the necessary technology. None of them has started production.
CNOOC Group is restricted to pumping oil and gas offshore at no deeper than 350 meters because of its limited technology.
However, China's insatiable demand for energy has prompted the oil company to partner with experienced deepwater explorers to drill deeper into the seabed for oil and gas.
Copyright (c) 2008 Dow Jones & Company, Inc.
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