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Page added on August 29, 2009

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Analysis: Drilling Picks Up in The Far East

With a burgeoning and industrializing population, China is a major factor in the price of oil. When Chinese imports pick up, the price of oil follows, and Chinese imports of crude oil have been on the rise lately.

The third-largest importer of oil according to the EIA, China has been on a mission to diversify its crude supply. While drilling offshore the Far Eastern country has proved successful, and China has made great strides to explore and develop worldwide.

The country has been on a recent buying frenzy, purchasing stakes in exploration and development opportunities around the world. Just recently, Chinese major Sinopec completed the acquisition of Addax Petroleum, gaining stakes in fields in Gabon, Nigeria and the Kurdistan region of Iraq. And earlier this month, CNOOC and CNPC offered Repsol $17 billion for its Argentine properties in China’s biggest overseas investment proposal thus far.

Furthermore, an official with the National Energy Administration in Beijing reported last week that China had teamed with 40 countries or regions for the purpose of energy cooperation and joined 22 new international energy organizations in an effort to expand its energy supply.


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