While international oil majors like Chevron Corp. These jackets must withstand extreme weather conditions, making their construction and installation complex and demanding. At the Zhuhai facility, workers laboriously construct steel structures known as jackets, which are then transported offshore and submerged to support oil platforms. However, the challenges of deepwater drilling are immense. CNOOC aims to increase its output by 4% to 6% this year and a further 12% by 2025. He added, “Technology progress and increased access have enabled more drilling to be focused into deeper waters."ĬNOOC is China’s exclusive offshore oil producer and its domestic production grew to account for 23% of the country’s total in 2021, compared with 15% in 2013, according to company filings and BP Plc data. Senior research analyst at S&P Global Commodity Insights, Baihui Yu said, “With significant untapped volumes offshore China, domestic offshore barrels are expected to become an indispensable growth engine for the coming decade."
Last year, offshore wells accounted for 60% of China's new oil production. It has transformed the Bohai Sea into the country's largest oil field and is expanding operations in the eastern South China Sea. The company has made significant progress in developing China's offshore oil fields. In 2021, CNOOC was blacklisted by the US, which accused the company of collaborating with China's military to intimidate neighboring countries in the South China Sea.
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