CHINA OIL UP

Headquartered in Tianjin, COOEC owns another two offshore engineering sites in Tanggu, Tianjin and Zhuhai in Guangdong province. The company's current operational area is around 1.42 million square meters and it plans to expand it to 2.07 million sq m by 2018. China aims to raise petroleum output by updating its technology and stepping up oil and gas exploration across Bohai, East China and South China Seas.

The plan was outlined in an energy development scheme for 2014 to 2020 issued by the State Council on Wednesday.

To accelerate offshore oil and natural gas exploration, China will improve its own technology as well as actively seek overseas partners.

The country will attach equal importance to onshore oil fields, stabilizing old sites and exploring new alternatives, especially those in West China.

oilandgaseurasia.com