China National Offshore Oil Corp. reaches deals with 18 global partners at 5th CIIE

Photo taken on May 12, 2021 shows the Deep Sea No.1, China's first self-operated 1,500-meter deep-water gas field, 150 kilometers off the city of Sanya in south China's Hainan Province. (Xinhua/Pu Xiaoxu) 

China National Offshore Oil Corporation (CNOOC), the country's biggest offshore oil and gas producer, signed cooperation deals with 18 global suppliers in the world at the CNOOC Global Procurement Contracts Signing Ceremony held during the 5th China International Import Expo (CIIE) in Shanghai, reported Chinanews.com Sunday.

Up to now, the contract volume signed by CNOOC at the CIIE has exceeded 50 billion U.S. dollars from the first CIIE in 2018 to the fifth one this year.

CNOOC has signed more than 230 foreign cooperation contracts with 81 international oil companies in the past 40 years since its establishment, and has attracted over 250 billion yuan of foreign investment.

CNOOC is stepping up efforts to expand its international business, inviting global partners to actively participate in the bidding of China's offshore oil and gas exploration, and deepening cooperation with domestic and foreign enterprises in the fields of refining and chemical industry, liquefied natural gas (LNG) and terminal sales.

Meanwhile, CNOOC also gives priority to green development. Specifically, the company accelerated the promotion of offshore wind power, photovoltaic (PV), hydrogen and other new energy, and strives to reach 10 percent of the company's revenue from new energy and emerging industries in 2025.

Scientific and technological innovation also takes a part of CNOOC's business development strategy. The company will focus on strengthening breakthroughs in core technologies, and accelerate foreign cooperation in big data, cloud computing, artificial intelligence (AI) and other fields, targeting to join hands with global partners to build a win-win development situation in the future.