China Oilfield Services Limited (COSL)，2019 Oil & Gas Exploration and Development Technology Forum and COSL New Technologies & Product Exhibition was successfully held in Shanghai on November 20th. The forum themes at “GREEN·INNOVATION·WIN-WIN”, focuses on the cutting-edge technologies in Oil & Gas exploration and development and aims to provide a platform for domestic and international oil companies, oilfield services companies and advisory services providers to exchange views, deepen energy related cooperation and jointly create a future of sustainable development in domestic sea areas and countries along the Belt and Road.
This is the fifth annual meeting of COSL targeting at the international market. At the forum, the participants held discussions on a range of topics including development trend of the oil and natural gas industry, technological challenges facing the industry, best practices of international operation, new modes for future cooperation, and new opportunities for all sides for mid-and- long term sustainable development.
More than 100 representatives from domestic and international oil companies, partners and energy consulting and intelligence data firm attended the Forum. At the Forum, COSL released 15 new technologies for drilling, logging, directional drilling, well completion, production optimization and seismic acquisition. A total of 14 representatives delivered keynote speeches on the themes of “Green·Innovation·Win-win.” The participants engaged in in-depth discussions on such topics as future oil and natural gas exploration and development in an international context, and jointly creating a future of sustainable development.
During the past several years, COSL has made efforts to meet market demands and adopt sustainable development philosophies such as green development.
TECHNOLOGICAL DEVELOPMEN，COSL invests heavily on scientific research. Through management and technology innovation, COSL has advanced service upgrading and industry upgrading, and accelerated the serialization and industrialization of technical products. Significant breakthroughs have been made in application of technologies for logging and drilling & completion fluids. The output value of technology division of the Company accounted for 49% of the total in mid-2019. The ratio was 30% in 2015.
INTERNATIONAL DEVELOPMENT，COSL continues to deepen cooperation with the governments and oil companies of oil-rich countries along the Belt and Road, and actively participated in the oil and natural gas exploration and development drive around the globe. COSL has made its presence in markets of such countries as Malaysia, Indonesia, New Zealand, Namibia and Kuwait. COSL has also created a market network in the Far East and expanded into the high-end market of Saudi Arabia. Additionally, COSL has built partnerships with world-renowned oil companies including TOTAL, Petronas Global, PTT and OMV. COSL is the only Asian contractor of Shell who has won the prize of “Global Excellent Contractor.” COSL concentrates on the localization of overseas employees, makes contributions to the post-disaster reconstruction efforts of the place where it operates, and provides support for underprivileged students and people with disabilities. All these efforts have helped enhance the brand image of COSL in the overseas market. Since 2016, COSL has awarded over 500 contracts with 26 countries along the Belt and Road. In 2018, COSL garnered RMB 5.661 billion in overseas revenue.
COSL, organizer of the 2019 Oil & Gas Exploration and Development Technology Forum and COSL New Technologies & Product Exhibition, is one of the largest comprehensive oilfield services providers in the world. Providing comprehensive technical support and operation services for oil companies worldwide, COSL offers services for every phase of oil and natural gas exploration, development and production. COSL has four business segments: geophysical & surveying services, drilling services, well services and marine support & transportation services. Ranks the 2nd in the industry for the scale of offshore drilling equipment; ranks the 4th in the industry for the scale of offshore geophysical equipment; ranks the 4th in the industry for the scale of shipping equipment;ranks the 6th in the industry for Market sizeof wireline logging；ranks the 7th in the industry for drilling fluid. COSL has set up six overseas supporting bases in the Asia-Pacific region, the Middle East, Africa, the America, Europe and the Far East. Operation services cover more than 40 countries and regions in the world. COSL has built partnerships with over 100 international clients.
Mr Qi Meisheng, the Chairman of COSL announced that COSL will adhere to the corporate philosophy of “Always Do Better” in the future, continue to innovate thinking mode regarding overseas cooperation, and create more diversified and flexible business model. COSL will deepen cooperation with its partners in the field of new energy including unconventional oil & gas on onshore and offshore wind energy. COSL will strive to build a future of sustainable development together with all the partners .
