CNOOC looks beyond its borders for investment

China's National oil company is working to meet the country's domestic demand for oil and is expending considerable effort to compete on a global scale. At a conference at Rice University in Houston on March 1, Victor Zhikai Gao, senior vice president and general counsel/company secretary of CNOOC Ltd., said, "We need to become more and more international."

Offshore staff

HOUSTON -- China's National oil company is working to meet the country's domestic demand for oil and is expending considerable effort to compete on a global scale. At a conference at Rice University in Houston on March 1, Victor Zhikai Gao, senior vice president and general counsel/company secretary of CNOOC Ltd., said, "We need to become more and more international."

According to Gao, CNOOC wants to be a global player. "Our mission is to become a first-class world energy company," he said.

Gao sees the need for CNOOC to work with international oil companies and other national oil companies to forward its own goals. "We need to cooperate with other countries' oil and gas companies in order to reach our objectives," he said.

CNOOC has holdings in Southeast Asia, Africa, and North America, but the company sees many more opportunities. "We will go beyond Chinese borders and seek opportunities in other parts of the world," Gao said.

According to Gao, CNOOC's focus as it expands its foreign investment is to exercise good corporate governance and to continue to look for alternative fuels, including renewable energy.

3/1/2007

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