Tuesday, January 10, 2006

China's Thirst For Oil

It looks like China has stepped out of the Asian oil producing zone and will become involved in Africa. The Chinese have made a bid for 45 percent of the Nigerian oil-fields owned by South Atlantic Petroleum according to the Standard of Hong Kong.

China's three listed oil majors - PetroChina, Sinopec and CNOOC, along with, in some cases, their unlisted parent companies - are scouring the world for fresh reserves to feed the mainland's insatiable thirst for oil and natural gas.

China is the world's No2 oil consumer, after the United States, and demand for oil has doubled over the past decade to 6.75 million barrels a day, according to an International Energy Agency estimate.

China is considering a bid for a portion of the Canadian tar sands project as well. Any bets on where they'll go next?

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