Chinese Oilfield Technology Group in Dire Straits
The Board of Directors of China Oilfield Technology Services Group Limited & its subsidiaries, issues financial update & a warning. The Group expects challenging market conditions to continue in the next financial year and the foreseeable future. To reduce its reliance on the PRC oilfields market, the Group will continue its efforts to develop the overseas market. However, the development of the Group’s overseas business will require time. Moreover, the slowdown in the global economy, the European debt crisis and the general uncertainties in the energy industry have contributed to the challenges faced by the Group. Although the manufacturing cost of the submersible linear oil pumping units developed by the Group has decreased recently…
Some Concerned About Safety of Cuba’s Offshore Drilling
According to a report from the Daily Comet, Cuba has ventured into deepwater exploration to become more energy-independent, but some in the oil-and-gas industry fear that will be hard to do so safely given the decades-old trade embargo with the United States, a leading provider of oilfield technology. Given the push for higher deepwater standards in the wake of the Deepwater Horizon oil spill, some are saying it’s crucial to collaborate more with Cuba to be sure that drilling is done safely in the Gulf that both countries share. (Source: The Daily Comet)
