China Continues Pursuit of Oil

January 24, 2006 – China’s failed attempt to acquire U.S. oil producer Unocal last summer has not slowed their pursuit of oversea oil reserves. Hoping to sustain their economic growth, China has been working hard to secure oil and other forms of energy.

A recent Los Angeles Times article talks about China’s “go-out” energy strategy, in which they push their oil companies to go after deals abroad and their political leaders to form strong ties with nations rich in resources.

China’s CNOOC Ltd. has said they are eying a Nigerian oil field worth over $2 billion as well as an oil producer in Kazakhstan that’s worth up to $2 billion. Meanwhile, China National Petrolium Corp. is also spending billions of dollars to acquire oil.

Read the entire Los Angeles Times article