Firms to step up drilling

Chinese and foreign offshore energy companies are gearing up for new exploration in China in the next three years, but a shortage of deep-water drilling platforms is hampering progress.

Devon Energy Corporation plans to drill seven new wells this year at its Panyu oilfield located at the Pearl River Mouth Basin. There are currently 34 wells onstream at Devon's Panyu oilfield.

At Devon's deep-water block 42/05 in the South China Sea, the targeted drill of its first well in the first half of 2008 depends on rig availability, K. Earl Reynolds, vice-president and general manager of Devon's international division, said yesterday.