Word: cnooc
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...Ningxia's blithe entrepreneurial spirit isn't the exception in China?it's the rule. The news last week that one of the mainland's big three oil companies, China National Offshore Oil Corp. (CNOOC), is interested in purchasing California-based energy firm Unocal Corp. was just the latest evidence of a government campaign introduced at the 2002 Communist Party Congress to raise China's global economic profile by snapping up foreign assets. Beijing has even coined a catchphrase for its policy?"Going Out"?to encourage Chinese firms large and small, from Nanjing to Ningxia, to invest abroad...
...hide the substances contained in little glass vials that he brings home from his travels. In fact, they're lined up on the windowsill of his Beijing office, affixed with labels like SAUDI SWEET. Yang, it turns out, works for the China National Offshore Oil Corp. (CNOOC) and is responsible for the state-owned company's efforts to secure oil and gas supplies all over the globe. The samples of crude are souvenirs that testify to how far he must roam in his search. "I'd like it if there was oil under Paris," he says, "but I spend...
...growing concern in Beijing. China plans to build a strategic oil reserve, and the country has several pipelines planned that would theoretically provide supplies from fields in Russia, Central Asia and Burma. But China's state-controlled oil industry, consisting of three major companies (China National Petroleum Corp. [CNPC], CNOOC and Sinopec), and numerous overlapping bureaucracies have yet to develop a clear, comprehensive energy policy...
...CNOOC, for example, signed a deal two years ago to extract 1 million bbl. of oil a day in Indonesia, and a year ago, it signed a major contract to produce gas in Australia. In February, President Hu Jintao traveled to Gabon hoping to secure deals in Africa, and in June he led a delegation from China's natural-gas industry to Uzbekistan. Chinese oil executives have even begun courting Ecuador and Colombia. "Latin Americans feel frustrated that the U.S. has virtually ignored the region, so turning to China is prudent and will pay financial dividends down the line," says...
...offer that was reportedly 17% higher, and snatched the oil deal for China. "The Chinese are definitely very aggressive in the price they are willing to pay," says R.S. Butola, managing director of ONGC Videsh. Similarly, Vietnam's leaders recently complained to visiting Chinese Premier Wen Jiabao about CNOOC's intent to conduct seismic testing near the Spratly Islands in partnership with the Philippine National Oil Co. The Spratlys, a mostly uninhabited archipelago in the South China Sea, are believed to harbor commercial deposits of oil and gas, but sovereignty over the islands has long been disputed by Vietnam, China...