China ready for deep dive without foreign partners

China no longer needs foreign assistance with deep-water drilling, The Wall Street Journal reported. After spending years working with or buying foreign companies and investing heavily in equipment, China can now develop oil or gas reserves far under water largely on its own. For instance, China’s main offshore oil company, Cnooc (CEO.NYSE, 0883.HKG), worked with Canada-based and Hong-Kong-owned Husky Energy (HSE.TSE) to drill deep-water wells at the Liwan gas field southeast of Hong Kong.