China Knowledge reported that China Oilfield Services Ltd a leading provider of integrated oil field services in the offshore China market expected to allot over CNY 20 billion in capital expenditure for the period from 2011 to 2015.

The company noted in a statement filed with the Shanghai Stock Exchange that the capital will be used to improve drilling technologies and equipment, thus to support its deep water oil and gas production in both domestic and overseas market.

China Oilfield Services also expected that the proportion of revenue from overseas market will be raised to 40% in 2015 from the current between 25% and 30%. At the end of 2008, the Chinese firm completed acquisition of Norway-based Awilco OAO as part of effort to help it improve production capacity.

Mr Liu Jian president of China Oilfield Services noted during a press conference that the company has no intention to acquire petroleum equipment company like Awilco in five years for the sake of cost saving. He said that however, China Oilfield Services hopes to master more advanced technologies via acquisitions and partnership with overseas firms.

China Oilfield Services the drilling arm of China National Offshore Oil Corp last year had said that it intends to raise as much as CNY 7 billion from the A-share market to fund its shipbuilding project.

(Sourced from China Knowledge)