Canada en­ergy firms seek China foothold

China Daily (Canada) - - FRONT PAGE - By WANG RU in Bei­jing wan­gru@chi­

Canadian oil and gas pro­duc­ers and re­lated en­ergy tech­nol­ogy com­pa­nies are show­ing huge in­ter­est in tap­ping into Asian mar­kets, China in par­tic­u­lar.

In late April, en­ergy com­pa­nies from the prov­inces of Al­berta and Bri­tish Columbia made trips to China to meet po­ten­tial Chi­nese clients. Al­berta boasts tar sand fields and Bri­tish Columbia ex­ten­sive re­serves of nat­u­ral gas.

China Na­tional Off­shore Oil Corp (CNOOC), China’s big­gest off­shore oil and gas de­vel­oper, or­ga­nized the Canadian del­e­ga­tion that con­sisted of 27 com­pa­nies with solid ex­per­tise, in­clud­ing in the ar­eas of shale oil drilling, pipe­line con­struc­tion and oil field waste man­age­ment.

In 2012, CNOOC, the state-owned con­glom­er­ate, pur­chased Canada’s oil and gas pro­ducer Nexen Inc for $15.1 bil­lion, mak­ing it the big­gest out­bound ac­qui­si­tion.

“In terms of in­vest­ment, Canada wel­comes in­vestors from China. At present, some $650 bil­lion in new in­vest­ment is planned or un­der­way over the com­ing decade through hun­dreds of ma­jor re­source projects,” said Guy Saint-Jac­ques, Canada’s Am­bas­sador to China.

Canada, the tra­di­tional oil sup­plier of the US, faces tough chal­lenges amid the cur­rent global oil de­pres­sion which has cut thou­sands of do­mes­tic jobs in the in­dus­try and a gloomy fu­ture about how to sur­vive when its big­gest en­ergy cus­tomer, the US, be­com­ing less re­liant on im­ported crude oil.

Chi­nese en­ergy ex­perts be­lieved that China, how­ever, will need to con­tinue im­port­ing oil and rely on sta­ble sup­plies from over­seas sources.

De­spite the plung­ing crude oil price, it is said a good tim­ing for China to de­velop op­tions for the en­ergy se­cu­rity in the fu­ture.

Han Hua, man­ag­ing direc­tor of the Sino-Al­berta Petroleum Cen­ter said “un­cer­tain­ties still ex­ist over the chang­ing re­gional po­lit­i­cal sit­u­a­tions in China’s main oil and gas sources, such as the Mid­dle East and Myan­mar.”

“But ship­ping from Canada safe,” he said.


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