China: Offshore oil projects opening up

Foreign giants are gearing up to further tap China’s offshore reserves since the country’s top offshore oil firm opened an unprecedented number of blocks for international collaboration.

Liu Gu, a veteran analyst with Shanghai-headquartered Guotai Jun’an Securities Co, pointed out that should both global crude prices and domestic demand increase, traditionally difficult areas will need to be drilled to meet rising demand.

“As energy demand and prices increase, it becomes profitable to drill difficult areas despite the various drilling difficulties,” Liu Gu said.
China Daily