China's offshore oil and gas industry shows growth, market potential

China National Offshore Oil Corp made a record in the amount of purchases during the ongoing 6th China International Import Expo held in Shanghai on Monday, with accumulated contract value over the past six years surpassing $60 billion, as it expands international cooperation and deepens global partnerships during the past few years.

This also highlights the immense market potential and growth opportunities in China's offshore oil and gas industry, said the company.

The procurement contracts signed by CNOOC this year cover 16 major categories, including crude oil, natural gas, equipment and oilfield services. Among these, an agreement was signed with BASF to initiate the first domestic large-scale carbon dioxide conversion to synthetic gas technology, promoting the development of low-carbon technologies and the utilization of offshore natural gas resources, it said.

The development of CNOOC relies on the active involvement and strong support of global partners. We sincerely hope to deepen cooperation with global partners to inject more vitality into the sustainable development of the global economy, said Li Yong, general manager of CNOOC.

The company said it looked forward to more cooperation in the field of marine oil and gas exploration and development and invites global partners to actively participate in the bidding for new offshore oil and gas exploration blocks in China.