China ‘dominates North Sea oil drilling’

China has reportedly become the largest crude oil operator in the North Sea. It has moved to dominate British oil production despite the fall of oil prices, according to a report […]

Register now!

By Jacqueline Echevarria

China has reportedly become the largest crude oil operator in the North Sea.

It has moved to dominate British oil production despite the fall of oil prices, according to a report by The Times.

It states the scale of Chinese growth in the region meant Britain handed around £2 billion in tax breaks to one state-run oil company last year.

That’s China National Offshore Oil Corporation (CNOOC) which runs two of the North Sea’s biggest oilfields.

Its subsidiary Nexen is said to be responsible for extracting almost 200,000 barrels a day in the area, more than 10% of output.

In the power sector, China aims to invest in the Hinkley nuclear project to be built in Somerset but the final go ahead has been delayed by the UK Government.

Furthermore, China General Nuclear Power (CGN) is facing alleged nuclear espionage charges in the US.