Three major oil giants will release heat to the ocean engineering industry

At the industry forum that ended yesterday (April 3), the hands of the heads of China's three major oil giants’ marine projects finally came together. The three giants will compete in the development of offshore oil in the future. However, due to the inability to rent a suitable vessel, the project of China Petroleum & Chemical Corporation (abbreviation: Sinopec) in the South China Sea could not be started. The Sakhalin 3 project also missed the development period in 2007. The lack of industries such as offshore oil equipment and offshore engineering services is becoming a prominent issue. From another perspective, the offshore oil service industry faces great opportunities.
Ge Weimin, deputy chief engineer of Sinopec Shanghai Marine Oil and Gas Branch, said in an interview with the Shanghai Securities News that the company is doing preparatory work for the development of the Qiongdongnan Basin in the South China Sea and strives to start construction as soon as possible. However, the specific process depends on whether the company can rent vessels and services to develop deep water.
He said that even in the international context, it is difficult to find a suitable company to provide these services. Because the boat is very nervous.
A person from the Strategic Research Center of Oil and Gas Resources of the Ministry of Land and Resources pointed out that in the future, China's offshore oil and gas exploration will focus on the southern part of the South China Sea. These include the Qiongdongnan Basin of Sinopec.
A joint survey conducted by the Ministry of Land and Resources, the Ministry of Finance, and the National Development and Reform Commission on China's offshore oil and gas resources shows that the recoverable resources of crude oil in China's offshore oil are about 2.93 billion tons, and natural gas is about 5.3 trillion cubic meters.
In fact, not only the Qiongdongnan Basin is the project affected by the lack of vessels. Sinopec’s overseas project “Sakhalin 3” also missed this year's exploration period because it was unable to rent shallow water drilling rigs that meet environmental requirements.
According to the agreement with the Russian side, Sinopec had five years of exploration for "Sakhalin 3". If commercial discoveries were obtained, the two parties signed a development agreement. Sinopec plans to drill an exploration well each year during this period.
Ge Weimin said that Russia's environmental protection requirements are high and there are not many drilling rigs that can meet this requirement. From the current situation, the exploration plan in 2007 could not be completed. Only two sets of equipment could be rented in 2008 to catch up.
The Sakhalin 3 project has an estimated oil reserve of 800 million tons and natural gas reserves of 900 billion cubic meters.
Compared with Sinopec, China National Petroleum Corporation (abbreviation: China National Petroleum Corporation) and CNOOC Group have relatively full preparations.
CNPC Marine Engineering Co., Ltd. (referred to as China National Offshore Oil Corporation) was formally established in 2005. The company mainly provides CNOOC Group with offshore oil drilling and offshore engineering research and design; offshore drilling, downhole operations and oil test production; offshore construction, installation, use and maintenance, and related ship services.
Zhong Linhai, general manager of Shihai, revealed yesterday that the Group’s production of crude oil in China’s coastal areas was 1.5 million tons last year. Due to the discovery of new reserves, it is expected to increase by more than 2 times to 5 million tons by 2010, about 100,000 barrels per day.
The offshore oil engineering Qingdao manufacturing base project of the CNOOC Group was also started construction in 2005 with a total investment of 1.7 billion yuan. It is expected to be completed in 2009 and is expected to have an annual output value of 6 billion yuan. The annual production capacity will reach 20-25 million standard tons, and it is expected to become one of the largest offshore engineering construction bases in the world through the joint development with the nearby Hercynian Shipbuilding and Ship Repair Base.
A CNOOC Group source disclosed that in the future it will comprehensively promote a strategy of equal emphasis at home and abroad, and the deep sea will be the focus of the layout. He pointed out that five deep-sea oil projects will be put into production in 2007 and the total investment is expected to reach US$3.65 billion.
According to sources from the Ministry of Land and Resources, from the current level, the scale and level of China’s marine engineering are still low, especially the level of deep-sea exploration. These factors have constrained the development of the marine exploration industry.
Everbright Securities Xiaofeng Xiao also said that both the scale and the funds, the two companies under the new “sea” are far larger than the original offshore giant, CNOOC. The addition of Sinopec and PetroChina has enabled the development of offshore oil resources to be more effective and has brought great opportunities for the offshore oil industry.

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