China National Offshore Oil Corp (CNOOC) is seeking the support
of the Chinese Academy of Sciences (CAS) to make technical breakthroughs
to help boost its growth over the next five years.
CNOOC President
Wei Liucheng, and Lu Yongxiang, president of the Chinese Academy
of Sciences, signed a letter of intent for technical co-operation
during the 10th Five-Year Plan period (2001-05) in Beijing.
The letter of intent
said the two sides agreed to pool research forces to promote
a series of new technology to increase to CNOOC's production.
Such co-operation
will help reach CNOOC's goal of pumping 40 million tons of
oil equivalent and slashing its production cost to less than
US$10 per barrel by 2005, the letter said.
The two institutions
also hope to raise some high-quality technical talents to
promote CNOOC's future development.
Established in
1982, CNOOC is a State company specially in charge of developing
offshore oil and gas resources. By the end of 1999, CNOOC
had already found 2.75 billion tons of oil and 436.9 billion
cubic metres of gas.
It produced 20.59
million tons of oil equivalent last year.
CNOOC now wants
to double its oil and gas output over the next five years.
To do so, the oil company must overcome a series of key technical
problems to improve its recovery ratio and to launch multi-wave
seismic exploration.
Wei said the CAS
is the CNOOC's ideal technical research partner, given the
fact that the leading academic institution has excellent personnel
and research capabilities. CAS also has abundant data and
results in the oil and gas exploration and development sector.
According to Lu
Yongxiang, the Chinese Academy of Sciences is expanding its
co-operation with industrial departments to promote basic,
strategic and prospective innovation for economic and social
progress. The academy has launched its all-round "knowledge
innovation" strategy in early 1998.
(China Daily 05/26/2000)
|
