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CNOOC upbeat on offshore prospects

May 2, 2012 at 7:59 AM

BEIJING, May 2 (UPI) -- China National Offshore Oil Corp. is examining several developmental ideas for the South China Sea, where typhoons create offshore problems, an executive said.

Xiaojian Jin, general manager of engineering and construction at CNOOC, told delegates at an offshore energy conference in Houston there was a "bright future" for his company in the South China Sea, energy reporting Web site Rigzone reports.

CNOOC is looking at conventional platforms and pipeline options for shallow-water developments and floating terminals for deep-water projects.

More than half of the 22 typhoons reported in the South China Sea in 2009 threatened oil and gas installations because of erosion.

Jin said CNOOC aims to be one of the biggest oil companies in the world by 2030.

CNOOC and ConocoPhillips were ordered by the Chinese government this week to pay $269 million in penalties for a June oil spill in Bohai Bay, situated north of the South China Sea.

Two leaks released more than 700 barrels of crude oil into the water resulting in marine pollution and environmental damage to a marine area of 2,400 square miles.

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