CNOOC chief: Countries should work together to meet global energy needs

Collaboration between countries is essential to answering the challenge of meeting the world’s growing energy needs, the chief of Chinese oil and gas firm CNOOC said Tuesday.

“We are open-minded to develop our global business based on partnerships and sharing risks and returns,” CEO Li Fanrong said in a keynote address to delegates to the IHS CERAWeek industry conference at a downtown Houston hotel.

Li said there are misconceptions about the state-owned company’s overseas acquisitions and investments. He said the firm is committed to providing energy solutions to its customers and serving the world’s needs.

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“The energy market is global,” Li said.

When countries and companies work together, Li said, “This is a powerful engine to drive our industry.”

He said one of the challenges is to overcome misunderstandings and foster better cooperation between and amongst energy companies, exporters and importers, service providers and financial firms.

He said the growth in energy markets around the world is raising people out of poverty and generating new wealth.

“Oil and gas is a risky business,” Li said.

As a result, he said the goal of the industry should be to take “advantage of our collaborative knowledge to meet tomorrow’s demands for energy.”

CNOOC, or China National Offshore Oil Co., is China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world. It mainly engages in exploration, development, production and sales of oil and natural gas.

CNOOC has oil and gas assets around the world, including in Asia, Africa, North America and South America.