One should never underestimate the Chinese ambition and tenacity. However irrational, the Chinese are determined to make things happen and have the means. They can
surprise or even hurt the IOCs (international oil companies)
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More from this presentation by Mr. Yan... As you can guess parts of his speech were not well received by the Houston office. He was blunt, and a touch abrasive or maybe just telling it like it is.
John
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The Chinese Actions: Coordinated Strategies
• National Strategy (government guideline):
– Inbound: attract foreign capital, technology, develop energy systems.
– Outbound: secure access to energy sources from abroad; obtain new supplies,
invest in energy producing countries.
• National Oil Production Strategy:
– Sustain the east (2/3 production), grow the west (1/6), develop offshore
China (1/8), explore globally.
• National Oil & Gas Overseas Investment Strategy:
– Solidify in Middle East, develop in neighboring areas, expand in Africa and
explore in Americas.
– Secure long-term, stable, diversified supply: new supply; shift away from
unstable ones. Keep oil import about 50%. Consider securing oil at market.
– Compete with oil consumer countries and directly cooperate with oil producers
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usaee.org
this page is key
Progress: How Well China Fare So Far?
• Management: local run.
• Confidence reflects closer understanding of
developing economics.
• Money is not an issue: have to, well aware of
over-pay.
• Different risk profile, alignment of national
and corporate interests. |
