CNOOC discovers rich offshore gas reserves
Oil giant ChinaNational Offshore Oil Corp has made a deepwater gas field discovery in the northern part of the South China Sea, the company said on Tuesday. The Stateowned offshore oil and gas company found a mid-sized volume of gas in the Lingshui 25-1 well, it said on its website. The well should produce 35.6 million cubic feet of gas per day and is in water 980 meters deep. has become top seller in the Chinese auto market for 10 consecutive years. The company, which makes cars jointly with GeneralMotors Co and Volkswagen AG, produced 5,610,558 vehicles cumulatively last year, an 8.98 percent year-on-year growth. Its joint venture Shanghai GeneralMotors sold 1,760,000 units last year, up 11.74 percent year-on-year, while Shanghai Volkswagen posted annual sales growth of 13.11 percent with 1,725,000 vehicles. China can be attributed to growing demand from Chinese customers for luxury cars and Bentley’s success in marketing its luxury image.