China's 'Mid-to-Long Term Development Plan for Offshore Facility' was announced by the Ministry of Industry and Information Technology of China (MIIT), the Ministry of Science and Technology of China, the National Development and Reform Commission, the State-owned Assets Supervision and Administration Commission of the State Council and the State Oceanic Administration of China on March 22.
The plan targets CNY 200bn ($31.7bn) of annual revenue by 2015 and CNY 400bn by 2020, saying China only make up CNY 40bn turnover from the offshore facility sector now.
It also adds that offshore industry in China is highly likely to make huge development and face a boom for a long period.
The development plan states that Chinese offshore-related system and facility will be secured by 30% and aimed 50% by 2020.
Also, it includes to secure independent engineering and construction facility for deep-sea production facility, enhance safety and globalize product brand name. Furthermore, it would try to gain technical skills related to desalination, renewable energy, subsea resources development facilities, etc.
Industry player said, China has a big offshore oil and gas development market and is urgently needed progress in offshore industry.
Published : March 26, 2012