CNOOC Ltd. (CEO) has started construction of its deepwater engineering base in the Gaolan Port Economic Zone in Zhuhai of Guangdong province in south China. The engineering base will be engaged in the manufacture of offshore oil and gas field equipment. The total investment for this base is approximately 5 billion yuan ($732.07 million).
The company’s oil and gas properties are located in four major production areas in offshore China: Bohai Bay, East China Sea, western South China Sea and eastern South China Sea.
As South China Sea is an important area where the company’s major portion of oil and gas properties is located, the construction of this engineering base in this area will definitely boost the company’s offshore upstream activity.
Apart from this, CNOOC is presently operating three key projects in the Gaolan Port Economic Zone − Gaolan Port LNG station, Hengqin natural gas terminal and a natural gas liquefaction project.
The South China Sea is gaining traction in the company’s upstream growth agenda. In the beginning of this month, CNOOC announced to double its production in the western South China Sea by 2015.
The exclusivity in the offshore China region, significant contribution from oilfields in Nigeria and Indonesia and participation in potential international exploration blocks reflect the company’s leading position in the Chinese as well as the global oil industry.
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