Pushing for offshore energy

China National Offshore Oil Corp (CNOOC) has said its oil and natural gas output surpassed 60 million metric tons in 2010. 
President Fu Chengyu said, ‘China has become one of the world’s largest offshore oil producers after the United States, the United Kingdom, and Norway.’
China’s surging energy demand means offshore exploration is essential. The nation’s foreign oil dependence ratio reached a new high of 55% in 2010.
Wang Jiacheng, a researcher at the Academy of Macroeconomic Research under the National Development and Reform Commission said, ‘We estimate that 60% of China’s oil consumption will be imported by 2020.’
English People’s Daily Online reports that according to figures from the China Petroleum and Petrochemical Engineering Institute Offshore oil will make up 40% of the world’s oil output by 2015, compared with 34% 2004. Offshore gas will account for 35% of the world’s gas output over the same period.