China Offshore Oil Extraction Equipment

'Compared to the 90% localization rate of onshore oil extraction equipment, China still lacks the leading offshore oil extraction equipment. Therefore, most of the offshore mining equipment depends on imports.'Said at the 2006 China Petroleum and Petrochemical Equipment Industry Development Forum held on March 3.

At this seminar, Zhang Weiping first affirmed the development of China's petroleum technology and equipment industry. According to him, in 2005 China's annual crude oil output reached 181 million tons and annual natural gas output reached 48.75 billion cubic meters, making it the fifth largest oil and gas producer in the world. Crude oil processing capacity reached 328 million tons, ranking second in the world. The profits realized by the three major companies, PetroChina, Sinopec and CNOOC, accounted for 42% of the total profits of state-owned industrial enterprises nationwide. The reason why such great achievements can be achieved is inseparable from the support of China's petroleum technology and equipment industry, especially in the more than 20 years of reform and opening up.