CNPC boosts offshore projects

China's top oil company China National Petroleum Corp (CNPC) will make a huge investment to tap offshore reserves this year, with Bohai Bay its priority.

"Based on the current situation, the Bohai Bay area is our top priority. We plan to roll out an annual 4 to 5 million tons of oil equivalent from Bohai offshore exploration and production in three years by 2010," Shi Lin, president of China National Petroleum Offshore Engineering Co Ltd (CPOE), told China Daily yesterday. CPOE is a subsidiary of CNPC.

CNPC will design and build a multi-purpose ocean engineering vessel with 350 tons of lifting capacity for its Bohai Bay operation this year, according to Shi.