CNOOC amends output deals with Chevron, BP (2)

According to CNOOC, the company had invested more than 15 billion yuan ($2.19 billion) in building deepwater drilling vessels, and deepwater lifting and pipe-laying barges, as well as deepwater geographical survey vessels.

Once operational in 2011, such investment would significantly enhance China's capacity to explore and develop deepwater petroleum and gas resources, according to the company.

Oceans are estimated to hold about one-third of the world's petroleum and natural gas resources and they are likely to replace terrestrial and inshore regions as the world's major depositories of oil and gas resources, said the company.

CNOOC said earlier it is doing its best to ensure that its production facilities at sea do not repeat the mistakes of the oil spill in the Gulf of Mexico.

The company has "ordered checks on every offshore oil and gas project to ensure safety", Zhou Shouwei, vice-president of CNOOC, said earlier.

Among improvements to technological capabilities for safety enhancement, Cnooc has started upgrading the blowout preventer (BOP) system of its 3,000-m deepwater oil-drilling rig which is being built in Shanghai, Zhou said.

After modification, the BOP is expected to shut down automatically when there is an accident.

Source: China Daily
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