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• W607061566 abstract "China started to develop its offshore oil resources in earnest in the early 1980s, when world oil price was high and projections about the potential of its offshore oil were extremely rosy. But as exploration and development efforts unfolded in the 1980s, disillusionment set in very quickly, given the mediocre amount of oil discoveries made. This article traces the development of the Chinese offshore oil industry from the early 1980s to 1998, with emphasis on the last ten years. Various aspects of development, including length of seismic survey lines undertaken, number of wells drilled, amount of oil discovered, amount of investments made, offshore fields developed, offshore production and revenue from oil sales are presented and analysed. Further, the article also discusses in detail the factors that contributed to the deflation of the high hopes relating to Chinese offshore production, with a final section taking a glimpse into the future. Oil, after coal, is the second most important energy source in China; with a consumption of 188 million tonnes of oil equivalent (toe), it accounted for 19.8% of total energy consumption in 1998. China used to be an important oil exporter in the 1980s, exporting 34 million tonnes of hydrocarbons (crude and oil products) at its zenith in 1986. For some years, oil exports accounted for 1/5 to 1/4 of total export receipts then (Chow, 1990, 1992; Kaempfer and Min, Jr, 1985). The country has become a net oil importer since 1993, with net hydrocarbon imports amounting to 29 million tonnes in 1998. It is clear that some drastic changes occurred to the Chinese oil balance: Oil production started to stagnate in 1989, with actual output declining from 137 million tonnes in 1988 to 124 million tonnes in 1998 (Table 1). In the first half of the 1980s, the Chinese realized that their eastern onshore fields, the major producing fields, were maturing, signifying that it would be very difficult to raise oil production in the future without tapping new fields in other regions (Chow, 1991; Lang, 1997, p. 36). Consequently, they decided to concentrate efforts on developing their offshore oil resources on the one hand, and made concerted efforts to explore for and develop the oil resources in the interior western basins on the other. These two other sources were slated to be the back up producers of oil in the 1990s and beyond. 81 【Report】 Dr. Chow’s tel no. is : 852 2339-7103; fax no. is: 852 2339-5990; e-mail address is : larryc@hkbu.edu.hk Research for this paper is partly supported by a Faculty Research Grant of the Hong Kong Baptist University. This article takes a synoptic view of Chinese offshore development since the 1980s to the present, with emphasis on the major developments in the last decade, i.e. 1987-1998. We will analyse the amount of exploration and development work undertaken, investments made, the arrangements with the foreign oil firms by which joint development was made, the discoveries and actual oil production, and the factors contributing to the deflation of high hopes to the modest levels of actual production. The drawing out of such a “big picture” might be of use to energy specialists and policy makers. Offshore Development Before the Mid-1980s China possesses 18,000 km of coastline and a continental shelf of 1.3 million sq km. Offshore oil exploration started in earnest in the 1970s. With the adoption of the open door policy in 1978 and the onset of the second oil crisis in 1980, the country decided to step up its efforts in offshore exploration by inviting multinational oil firms to participate in joint development. The most commonly used form of joint development, i.e. production sharing, was adopted, in which the foreign oil company was responsible for all the expenses of geophysical prospecting and exploration up to the stage at which a field was deemed to be commercially worthy of exploitation. Development costs were borne by the host country and the foreign firm. After the oil -field comes on stream, the foreign firm has the privilege of recouping its exploration outlay first, then the oil is divided between the two parties according to proportions agreed to in the original contract. In the Chinese context, 51% of the development costs was borne by China. The oil produced is divided into three parts: 1. “cost oil” for covering production costs and repaying exploration expenses; 2. “tax oil” for paying mining royalty of 12.5% and industrial-commercial tax of 5%; 3. “profit oil” to be divided according to the contract, but the foreign firm has to pay a profit tax of 50% on the profits it makes (Zhongguo Duiwai Jingji Zhengce Zhinan, 1993, p. 850). Table 1. Role of Oil in Chinese Energy Denotes net imports Sources: Oil Production, Energy Consumption and Oil Share: State Statistical Bureau,Statistical Yearbook of China 1999, various" @default.
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• W607061566 title "Chinese Offshore Oil Production: Hopes and Reality" @default.
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