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11

China To Specialize in Offshore Exploration

China National Petroleum Corporation has announced the opening of a new limited company

China National Petroleum Corporation has announced the opening of a new limited company to specialize in offshore oil exploration.

The company says the offshore oil exploration will focus on the Bohai Bay area, and aims to produce 400 million tons of crude oil from 2006 to 2010, China Radio
International reported on Thursday.

Shi Lin, general manager of the newly-established company, says he's confident about the success of the company despite competition from two of China's other oil giants, Sinopec and China National Offshore Oil Corp.

The sea bed is becoming a more important place for the exploitation of the resources.