The oil drilling company with the biggest investment now comes from China

Thursday 23 September 2021

China’s largest oil drilling company, PetroChina Co., is going on the offensive and plans to invest $ 37 billion as reports predict demand for crude oil will remain stable this year. The company made the announcement in mid-March when presenting 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 reduced their investments due to the fallout from the coronavirus pandemic. The growth related to the petroleum industry will lead to an increase in imports and the manufacture of relevant equipment and machinery operating at high pressure. For these, a so-called SELO license is mandatory 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 national market regulator SAMR.

The relatively 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 had already called for increased production of coal, oil and gas over the next five years. However, this contrasts with Leader Xi’s long-term plan to move the economy away from fossil fuels.

China’s demand for crude oil has already peaked, now exceeded only by refined products, and will decline over the next decade, Duan Liangwei, outgoing PetroChina chairman, said on a video conference. Nevertheless, demand for natural gas, one of the relatively clean fossil fuels, will continue to grow in China. Therefore, PetroChina will focus in the future on the upstream stages of natural gas production.

Are you interested in SELO licenses for the Chinese market? MPR China Certification GmbH can provide you with SELO licensing services.

The SELO Special Equipment Safety Regulations 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 Manufacturing License (CML), China Stamp or Pressure Vessel License.

Do not hesitate to contact us for more details and consultation. You can contact us via E-mail, or call us (UK: +44 2071931135, The rest of Europe: +49 69 2713769150, WE: +1 773 654-2673).

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