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People's Daily Online>>China Business

Oil subsidiaries look overseas

By Bao Chang and Zhou Yan (China Daily)

09:13, December 27, 2011

DAQING, Heilongjiang - As the active overseas expansion of Chinese oil companies continues in search of resources, their oilfield-operations subsidiaries are also tapping into foreign markets for sustainable growth.

Daqing Oilfield Co Ltd (DOCL), the operator of the country's biggest oilfield and a subsidiary of China National Petroleum Corp (CNPC), has set a target of 20 billion yuan ($3.1 billion) in revenue from overseas markets by 2015, four times higher than the expected overseas revenue this year.

That will account for half of DOCL's total income by 2015, according to Zhang Baoxi, DOCL's general manager at international business development department. The oilfield operator has estimated that total annual revenue for 2011 will reach 20 billion yuan.

"We have seen robust growth in our international business during recent years. Daqing Oilfield is now in negotiations with one of Indonesia's State-owned oil and gas companies to operate some oilfields there," Zhang said.

Indonesia is Southeast Asia's largest petroleum-producer, with recoverable reserves of 1.165 billion tons and more than 40 million tons of annual production capacity.

In addition, the company is also seeking opportunities to operate an oilfield in the United Arab Emirates. The field has a production capacity of between 10 million and 50 million tons, Zhang said.

So far, the company has entered more than 28 countries including Venezuela, Sudan, Kazakhstan, Oman and Mongolia by providing management, engineering, technical services and petroleum equipment to oilfields.

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