Chinas CNOOC builds largest offshore oil engineering facility in Asiaadmin
China National Offshore Oil Corp (CNOOC) said it has started operations at the largest offshore oil engineering base in Asia, located in the eastern province of Shandong.
In a statement on its website, CNOOC said unit Offshore Oil Engineering Co (SHA 600583) has built the first phase of the offshore engineering facility with a total investment of 1.75 bln yuan.
The facility, which can produce various types of equipment for offshore oil exploration, has the capacity to process 200,000 tons of steel a year.
China Oil News reported earlier today that China National Petroleum Corp (CNPC) had signed an agreement to invest 2.0 bln yuan in an offshore engineering project in the eastern province of Zhejiang.
The first phase of the facility will be able to produce equipment for offshore operations with expected annual revenue of 5.0 bln yuan, the report said.
( 1 usd = 8.0 yuan )