OTC15: China emerging

At an industry breakfast organized by OTC and the US Department of Commerce, experts said China was chosen as topic of discussion because of its emerging oil and gas business investment opportunities.

OTC. Image from OE Staff.

According to Chandra Brown, deputy assistant secretary of commerce for manufacturing from the US Department of Commerce, China is US’s third largest trading partner.

“We do a ton of work with China. US goods and services trade with China totaled to US$536 billion in 2014,” Brown said. “The US constantly looks to increase our participation in Chinese oil and gas development. One such way is through providing oil and gas technologies.”

China’s exploration and production activities are expected to grow from moderate to high in selected areas, explained Michael Haney, director of Douglas Westwood.

“The country is making progress on tapping its large shale gas reserves. With PetroChina and Sinopec actively exploring the onshore Sichuan Basin, China will look into expanding business in the Sichuan area. Offshore production has declined, however, due to cutbacks.” Haney said.

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