Industry executives and experts visit the display of CNPC at the 2017 Offshore Technology Conference on Tuesday. MAY ZHOU / CHINA DAILY

With crude oil hovering around $50 per barrel, the 2017 Offshore Technology Conference (OTC) is less crowded and the displays smaller and less elaborate.

However, Chinese companies are making a much stronger presence as the industry experiences a downturn.

“I noticed that the China Pavilion area is much larger, and the number of Chinese companies has increased. I estimate that there are probably 200 to 300 Chinese companies at OTC this year,” said Torry Wang, president of Houston-based Amphibian Petroleum Technologies.

OTC, which runs from Monday through Friday, is the largest event in the world for the oil and gas industry with some 2,300 exhibitors representing more than 100 countries.

The depressed oil price gave Chinese companies more opportunities to come to OTC, which has a long waiting list for exhibitors, explained Wang. His company has been taking part in OTC for seven years.

“A lot of oil and gas companies decided not to show up due to the low oil price, thus freeing up spaces for Chinese companies. Some of them had tried for years to come to this event but couldn’t get in until this year,” said Wang.

Wang’s assessment was partially echoed by Yi Baishui, deputy general manager of CMEC International Exhibition Co. His company has been organizing Chinese companies to participate in OTC since 2008.

“This year we brought more than 50 people from over 20 Chinese companies, much more than 30 some people last year,” Yi said.

“Although there are some policy uncertainties with the Trump administration when it comes to China-US relations, I am very glad to see more business exchanges going on between the US and China,” said Zhao Zhenge, general representative of China Council for the Promotion of International Trade (CCPIT). “I am certain the larger presence of Chinese companies at OTC will…

Read the complete story here

Leave a Reply