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Major Chinese Oilfield Promotes Int'l Cooperation
The Shengli Oilfield, China's second largest oil producer, has decided to have more operations in foreign countries while introducing overseas investment over the next few years.
A Shengli source referred to the decision as part of their endeavor to further tap into the global oil market.
Shengli oilfield was built in 1964 at the mouth of the Yellow River in east China's Shandong Province and has since pumped out 700 million tons of crude oil, accounting for one-fifth of the country's total output during the period.
Over the past decade, the oilfield has signed more than 50 contracts worth nearly 200 million U.S. dollars with overseas counterparts.
Technicians and workers from Shengli are now engaged in oil exploration and oilfield repair projects in Qatar, Peru, Iraq and several other countries.
Shengli has also exported advanced drilling equipment and related technologies to countries like Iran, Cuba, and Indonesia.
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