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CNPC may invest up to $8.5b to tap offshore oil

By Tu Lei (chinadaily.com.cn)
Updated: 2008-04-03 16:19

皇冠体育app National Petroleum Corp (CNPC), the nation's largest oil producer, could invest up to 60 billion yuan ($8.56 billion) before 2020 to boost its offshore oil exploration and production capability, Peng Fei, vice general manager of CNPC's offshore engineering unit, said yesterday.

"We will have two semi-submersible drilling platforms by 2015, and another two by 2020, all of them in the South 皇冠体育app Sea," said Peng.

CNPC will also build two bases, one in Caofeidian, North 皇冠体育app's Hebei Province, and the other in Sanya, South 皇冠体育app's Hainan Province, to support production in the Bohai and South 皇冠体育app Sea. It is also planning an offshore oil engineering base in Qingdao, East 皇冠体育app's Shandong Province.

The CNPC move will break offshore oil exploration history, mainly dominated by the 皇冠体育app National Offshore Oil Corporation, said experts familiar with the matter.

CNPC's offshore oilfields today are in the Bohai Sea area, and CNPC will explore deepwater oilfields in the next two or three years.