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CNOOC Eyes Gas Tapping on East and South China Sea
China National Offshore Oil Corp (CNOOC) will this year lay efforts on the tapping of natural gas of East and South China Sea, while its foreign partners will focus on crude oil in Bohai.
CNOOC reported a first-quarter turnover of 4.75bn yuan (US$574m), 12.5 percent up over the same period last year.
The turnover growth was mainly attributed to increased output of crude oil, especially that in Baohai Sea, according to Fu Chengyu, executive director of CNOOC. While production of natural gas declined as demands shrank a little, but better result was predicted for the latter half of the year.
CNOOC had been working hard to achieve its goals and meanwhile maintain its good management and low cost, said Chairman Wei Liucheng, adding that the company would further increase output and lower costs.
Currently CNOOC claims 45 production bases of crude oil and natural gas in Bohai Sea, western and eastern parts of South China Sea and East China Sea.
By PD Online staff member Li Heng
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