China will finish its first deep-sea drilling rig with a maximum working depth of three kilometers by 2011, said a spokesman for China National Offshore Oil Corp. (CNOOC) on Friday.
The maximum drilling depth will reach 12 kilometers, which means it can operate in deep-water regions in the South China Sea, Southeast Asia, Gulf of Mexico and West Africa.
The project, with a total investment of 4.5 billion yuan (US$599 million), will be carried out by Shanghai Waigaoqiao Shipbuilding Co. under China State Shipbuilding Corporation.
The spokesperson said China's biggest offshore oil company was planning to invest 15 billion yuan (US$2 billion) to develop deep-sea oil equipment as it wanted to strengthen its exploration and development of deep-sea oil resources, which were a priority for major international oil companies.
China's coastal waters include 200,000 square kilometers of water that is more than 300 meters deep.
(Xinhua News Agency October 20, 2007)
