Friday, August 3, 2012

The Chinese Scramble for Oil & Gas Talent

The Chinese enjoy vast reserves of shale oil and shale gas.  Overcoming the challenges associated with development of these unconventional petroleum reserves sits atop the Chinese energy development list alongside construction of new power plants.  The article linked below provides a bit of insight in the human capital shortage the Chinese face and their efforts to solve the dilemma, in part, by entering into joint venture agreements with North American energy firms and or purchasing them as they did with Nexgen.

As noted in recent posts, advocates of sustainable and intelligent environmental solutions need to come to grips with the reality that the Chinese intend to develop their fossil fuel resources and use those resources to fuel their economy. 

Chinese investment in North America’s oil and gas industry is expected to hit an all time high in 2012, beating the $5.7 billion record set in 2010. Since 2010, Chinese companies have invested more than $17 billion into the US and Canada’s oil and gas industries. The energy hungry nation’s latest push in North American energy is part a wave of investment money from Chinese state-owned companies and private enterprises into the U.S. and other Western nations. This report comes off the announcement of the Chinese oil giant, Chinese National Offshore Oil Company (CNOOC)’s intent to buy one of Canada’s largest energy companies, Nexen.
This type of investment in North American operators is just the beginning. There has been a rise in joint ventures where Chinese firms pay upfront for a stake of an oil or gas field and cover drilling costs. These investments give these firms exposure to technology, management techniques and skills they desperately need in China.

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