While COVID-19 is impacting capital expenditure globally and oil prices are at their lowest on record, China National Offshore Oil Corporation (CNOOC) is still projected to spend around $13 billion in 2020.
CNOOC will bring up to eight new projects on stream in the South China Sea and Bohai Bay, build a new $50 million National Offshore Emergency Rescue Base in Tianjin, and invest 3-5% of its capital expenditure in offshore wind. This will make the Chinese state-owned operator one of the offshore industry’s highest spenders this year.
This webinar, led by Scottish Development International’s China energy specialists and Novellant, a leading CNOOC procurement agent, will introduce these projects. Join us to hear how Scotland’s offshore supply chain companies can best capture the CNOOC opportunity.
China is very much open for business now and the main Energy companies including CNOOC have gone back to work and producing RFP’s for delivery in 2021. Chinese companies told SDI that they are happy to speak with our companies via Skype or WeChat. The Chinese government has financial stimulus packages to kickstart new Energy projects and are inviting international companies to bid.
SDI have identified a number of projects that are aligned with Scotland’s capability and competency. China has a focus on Energy transition and we are seeing CNOOC and COOEC, the national O&G companies looking to deliver on offshore wind and decommissioning.