China speeding up the pace landing on central arena of world energy geopolitics

http://www.glgroup.com/News/China-speeding-up-the-pace-landing-on-central-arena-of-world-energy-geopolitics-47958.html

Analysis by: GLG Expert Contributor
Analysis of: CNPC gets to work in Iraq - Upstream Online
Published at: www.upstreamonline.com

China's energy quest in the Middle East and South America. Combined with similar activities in Central Asia, Africa and Asia Pacific, it is evident that with increasing energy supply security concerns, China is accelerating the pace landing on the central arena of world energy geopolitics.

Analysis
After winning a large service contract in January to develop Iraq's Halfaya field, China's oil giant CNPC, teaming with its partners Total and Petronas, will soon start 3D seismic survey and exploration well drilling in the field. The plan is to greatly raise its crude oil production from current 3,100 barrels per day to 535,000 barrel per day. Meanwhile, teaming with BP, CNPC is also to start the development of Iraq's largest oil field Rumaila.
In Iran, taking advantages of withdrawal of western oil companies, CNPC has committed to spend US$ 2 billion to appraise and develop North Azadegan oilfield.
In South America, the most eye catching issue is that China and Venezuela has recently signed the fifth loan-for-oil supply agreement to expand the total swap value to over US$ 20 billion, after the majority of the previous US$ 8 billion loan-for-oil arrangements were implemented. The new agreement includes increased loans of US$ 10 billion and 70 billion Yuan, and a series of collaborative programs of oil and electricity between the two countries.
Combined with similar activities in Central Asia, Africa and Asia Pacific, it is evident that with increasing energy supply security concerns, China is accelerating the pace landing on the central arena of world energy geopolitics.