China Oilfield Services (Cosl) eyes greater overseas exposure amid recovery
‘We have six major overseas business target regions: the Russian Far East, Southeast Asia, the Middle East, Africa, Europe and the Americas,” says CEO and president Qi Meisheng
China Oilfield Services (Cosl), the country’s dominant offshore oil and gas drilling services provider, plans a substantial increase its revenue contribution from overseas projects in coming years, as it gradually recovers from the worst industry downturn since going public in 2002.
The Beijing-based firm, a sister firm of state-backed offshore oil and gas producer CNOOC, hopes to generate half its revenue from projects outside China by 2020, compared to between 30 and 40 per cent in 2017 and 33 per cent in 2015, chief executive and president Qi Meisheng told a press briefing on Monday.
“We will actively pursue opportunities to secure more overseas projects from CNOOC,” Qi said. “We have six major overseas business target regions: the Russian Far East, Southeast Asia, the Middle East, Africa, Europe and the Americas.”
Cosl’s shares edged up 0.9 per cent to HK$7.57 today
CNOOC’s chairman Yang Hua also said last week a higher portion of its investment will be deployed overseas in the coming years, thanks to the development of three “very promising, world class” projects in Nigeria and the Gulf of Mexico. Some 48 per cent of its spending is planned to be deployed overseas this year.
