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China Encourages More Sino-foreign Cooperation in Offshore Oil Sector
China is seeking a great deal more foreign cooperation in developing the country's vast offshore oil resources, though it already had over 143 contracts with 18 countries and regions.
Wei Liucheng, president of the China National Offshore Oil Corp (CNOOC), said Friday that China has huge offshore oil and gas resources, estimated at 25 billion tons and 14 trillion cu m, respectively.
However, proven offshore oil and gas reserves in China account for only five percent of the country's total estimated resources, said Wei.
He stressed that only by dramatically increasing Sino-foreign cooperation in the offshore oil sector, can China accelerate the development of this sector. This will obviously provide huge opportunities for overseas investors, he said.
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