The oil drilling company with the highest investment now comes from China
23. September 2021China’s largest oil drilling company, PetroChina Co. is going on the offensive and plans to invest $37 billion, as the reports predict the demand for crude oil to remain stable this year. The company made the announcement in mid-March when it presented its annual results. This puts PetroChina ahead of other major global oil companies in terms of investment, such as Saudi Aramco Oil Co, Exxon Mobil Corp and Royal Dutch Shell Plc, which have scaled back investment due to the fallout from the coronavirus pandemic. Oil industry related growth will lead to increased import and manufacture of relevant equipment and machinery that operate at high pressure. For these, a so-called SELO license is required in China. The license is issued by the Chinese authority SELO – China Special Equipment Licensing Office. Like the CSEI, this authority is subordinate to the state market regulator SAMR.
The relative rapid recovery of China and its economy from the effects of the pandemic means higher demand for oil and gas. Energy security remains a high priority for President Xi Jinping. In February, the government already called for an increase in coal, oil and gas output over the next five years. However, that contrasts with leader Xi’s long-term plan for shifting the economy away from fossil fuels.
China’s demand for crude oil has already peaked, now surpassed only by refined products, and will decline over the next decade, Duan Liangwei, PetroChina’s outgoing president, said at a video conference. Nevertheless, the demand for natural gas, one of the comparatively clean fossil fuels, will continue to grow in China. Therefore, PetroChina will focus on upstream steps of natural gas production in the future.
Are you interested in SELO licensing for the Chinese market? MPR China Certification GmbH can provide you with SELO licensing services.
SELO regulations on the safety of special equipment came into effect in 2014 and require domestic and foreign manufacturers to obtain a SELO license in order to sell their products in China. The SELO license is also called China Manufacture License (CML), China Stamp or pressure vessel license.
Please do not hesitate to contact us for further details and consultation. You can contact us via e-mail, or call us (UK: +44 2071931135, Rest of Europe: +49 69 2713769150, US: +1 773 654-2673).
Please also use our chat-window in the bottom right corner if you have any questions. (Please check your browser settings if you can’t see the window)
