​CNOOC inks deal with foreign suppliers at CIIE

Xinhua Financein CFBOND
2018-11-08 09:59

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China National Offshore Oil Corp (CNOOC) has signed an import agreement contract with suppliers from abroad, including Siemens and ABB, during the ongoing China International Import Expo in Shanghai on Wednesday.

The contract will significantly push forward the high quality development of the country's offshore oil industry and cooperation with overseas peers, said Yang Hua, chairman of the company.

The company has recorded 224 oil contracts with 81 international oil companies from 21 countries and regions in the past 40 years, since the reform and opening-up of the country, attracting foreign investment of 50 billion yuan, 47 percent of the country's total investment in offshore exploration, he said.

The company is among those that attract the most foreign investment in the country, Yang said, adding that the cooperation with international players has substantially boosted China's offshore oil exploration and development, as one third of China's offshore oil and gas fields are in cooperation with foreign peers.

The company, which built the country's first LNG terminal in 2006 and currently operates nine LNG terminals nationwide, saw its annual oil and gas production exceeding 100 million tons from home and abroad, which significantly ensures national security, said the company.

According to CNOOC, the company's overseas business is spread in more than 30 countries and regions. The liquefied natural gas receiving capacity has reached 33.8 million tons per year.

More than 120 million tons of LNG was imported. With the company's ninth LNG terminal in Shenzhen entering operation in early August, with a receiving capacity of 4 million metric tons per year, the company vows to continuously step up construction of its LNG infrastructure facilities in recent years while further diversifying its overseas LNG sources to ensure sufficient natural gas to meet the nation's increasing demand.

According to CNOOC, natural gas supplied to the northern parts of the country will reach 6.1 billion cu m, 63.5 percent up compared with the same period last year.

The company has also recently sold access of its Yuedong LNG import terminal to third party, State-owned Zhenhua Oil and private logistics firm Longkou Shengtong Energy, a milestone and a step toward greater third-party access to gas infrastructure.
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