CNPC Offshore Engineering Company Limited (CPOE), a subsidiary under China National Petroleum Corp, has officially launched its JUB offshore drilling project in Indonesia, marking its first foray into Southeast Asia's offshore drilling services sector.
As the company's largest international contract to date, the project, valued at over 1 billion yuan ($140 million), has a four-year contract term. It represents a significant milestone for China's offshore oil and gas industry, securing a foothold in the international high-end offshore drilling market, it said.
ALSO READ: China completes drilling of Asia's deepest vertical well
According to CPOE, with roughly 30 percent of global oil and nearly 50 percent of natural gas reserves located offshore, the demand for deepwater exploration continues to grow in recent years as onshore resources become harder to access.
The international offshore oil and gas exploration sector has seen sustained expansion in response to these trends.
READ MORE: China's major shale oil base achieves annual output of over 1 million tonnes
CPOE has been actively pursuing its international strategy, focusing on the Southeast Asian offshore oil and gas services market, with Indonesia as a key target. The company views the JUB project as a foundation for further expansion in the region, it said.
