Word: cnooc
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...Yang doesn't try to hide the substances contained in little glass vials that he brings home from his travels. They're lined up on the windowsill of his Beijing office, affixed with labels such as "Saudi sweet." As senior vice president of China National Offshore Oil Corp. (CNOOC), Yang is responsible for the state-owned company's efforts to secure oil and gas supplies all over the globe. The samples of crude are souvenirs that testify how far he must roam in his search. "I'd like it if there was oil under Paris," he says, "but I spend...
...Yang isn't the only one made uncomfortable by his globetrotting. CNOOC's aggressive efforts to secure reliable supplies of oil and natural gas around the world reflect just how strong China's thirst for fossil fuels has become. Motorists bemoaning high prices at the pumps?oil rose to a record $55 a barrel on Oct. 15, up 65% this year?can with some justification point an accusatory finger toward the mainland. Its booming economy and burgeoning appetite for cars and other modern conveniences have caused energy demand to soar. China's oil imports doubled over the past five years...
...begun building up a strategic oil reserve that it hopes to fill with at least 30 days' worth, and the country has several pipelines planned that would theoretically receive supplies from fields in Russia, Central Asia and Burma. But China's state-controlled oil industry, comprising three major companies?CNOOC, Sino-pec and China Nation-al Petroleum Corp. (CNPC)?as well as numerous overlapping bureaucracies, has yet to develop a clear, comprehensive energy policy...
...CNOOC, for example, signed a deal two years ago to extract a million barrels of oil a day in Indonesia, and a year ago it signed a major contract to produce gas in Australia. In February, President Hu traveled to Gabon hoping to secure agreements in Africa. In June, he led a delegation from China's natural gas industry to Uzbekistan to build the mainland's presence in oil-and-gas-rich Central Asia. Chinese oil executives have even begun courting Ecuador and Colombia in hopes of buying oil in the U.S.'s backyard. "Latin Americans feel frustrated that...