World of Oil ///

PDVSA buys Chinese rigs Venezuela’s state firm said that it will buy 28 drilling rigs from Chinese firm, China Petro Technology and Development Co. (CPTDC) over the next three years. CPTDC is part of China National Petroleum. CPTDC expects to assemble some of the rigs in Venezuela, said PDVSA Vice President for E&P, Luis Vierma. “By 2008, we are going to be assembling rigs in Venezuela,” said Vierma. “By 2010-2011, we are going to be able to build our own rigs.” CNOOC field onstream China National Offshore Oil Co. Ltd. (CNOOC) said that Phase II of its Dong Fang (DF) 1-1 gas field has gone onstream. As the firm’s largest independent gas field, DF1-1 produces 187 MMcfgd, including 35 MMcfgd from three wells in Phase II. DF 1-1 is in the Yinggehai basin of Bei Bu Gulf in the western South China Sea. CNOOC also reported that it has signed PSCs for six exploration blocks in Kenya.

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