China may invest 250 billion yuan to 300 billion yuan in offshore drilling equipment as part of efforts to add 50 million tons of production capacity for oil and natural gas off the nation’s shores in the five years from 2011 through 2015, the Shanghai Securities News reported today, citing Jin Xiaojian, director of projects engineering for Cnooc Ltd.

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China May Invest $44 Billion in Offshore Drilling, Securities News Reports