According to offshore investment plans in ‘China's 12th Five-Year Development Plan’, China’s three oil majors, PetroChina, Sinopec and China National Offshore Oil Corporation (CNOOC), are planning to invest around CNY 290bn-360bn (equating to $58bn, at most) in offshore oil and gas development.
The investment plan in offshore has increased as twice as the investment scale of ‘China’s 11th Five-Year Development Plan’, and considering facility investment share to be around 25~30% of total, offshore facility demands are estimated to be CNY 15bn-21.5bn annually during a period of ‘12th Five-Year Development Plan’, China Finance Information reported.
The plan says China is setting a target of achieving more than CNY 200bn worth of annual profits in offshore by 2015, in which offshore oil development facility aims to account for 20% of global market share, reaching more than CNY 400bn in annual profits in offshore sector and at the same time, eyeing at least 35% of global market share in the sector.
In China’s officially released 'Mid-to-long term development plan for offshore facility industry (2011-2020)', an annual revenue in China’s offshore oil and gas development facility has exceeded CNY 30bn, which represents 7% of global market share.
Moreover, as for equipment segment, China is targeting to domestically produce main system and equipment used for offshore oil development facility, up to 30% by 2015 and more than 50% by 2020.
Source: http://www.asiasis.com
