China's Offshore Revival: China expects offshore production to buttress overall output target

China's offshore oil and gas exploration and production, led by China National Offshore Oil Corp., is waiting in the wings and ready to leap onto the center stage of China's petroleum industry.China is becoming more and more reliant on offshore supplies of crude oil, given rising demand and bleak prospects for higher onshore production. The country expects offshore oil production by 2005 to more than double last year's level to 392 million bbl/year of oil equivalent (40 million tonnes/year of oil equivalent), including 221 million bbl of crude oil (30.28 million tonnes) and 10.9 billion cu m of natural gas. More than 50% of total oil and gas production will be based on product...

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