Spotlight: Chinese firms to showcase technology, gain experience at Offshore Technology Conference

HOUSTON, May 2 (Xinhua) -- Many Chinese companies are present at the four-day 2018 Offshore Technology Conference (OTC) in Houston, hoping to gain valuable experiences and grow businesses.

The conference is being held in the 4th largest city in the United States from April 30th to May 3rd, attracting more than 2,300 companies from 35 countries and regions around the world.

Product samples, multimedia displays and scale models can be seen throughout the exhibition hall. They are used by companies to showcase their latest products and technologies in order to attract potential business opportunities.

Zheng Xinquan, vice president of Petro China Exploration & Production Company told Xinhua that OTC is the biggest stage in the offshore petroleum exploration industry.

He said that Petro China has been attending the event for more than ten years. This year, the company sent 26 employees from 15 branches, hoping to showcase its technological innovations, to learn from other companies in the industry, and to promote future technological innovations and developments in the company.

Zheng pointed out that oil prices began to tumble in 2014 which had significant impact to all companies in the industry. However, during that time the companies in the United States were able to implement new techniques and technologies to achieve cost reduction and increase in efficiency.

"China is also eyeing the goal of reducing cost and improving efficiency. The Chinese government has since raised the bar for its oil and gas industry due to concerns over energy security and we are actively working towards that goal," he said.

Xu Xiaoming who leads China National Offshore Oil Corporation's (CNOOC) exhibition team at OTC told Xinhua that OTC represents the highest level of technological innovations in the oil and gas industry. By attending the event, CNOOC hopes to gain valuable experiences that can help further grow the business.

According to Xu, China is among the industry leaders in offshore petroleum exploring and drilling but it has a long way to go in terms of research and development, technological innovation and personnel training. "This is why CNOOC is attending the conference, an opportunity for us to learn from the industry leaders and their expertise."

In addition to state-owned Chinese corporations, privately-owned Chinese companies together established seven "China Pavilions" in the OTC exhibition to better showcase their results in innovation, catching many attendees' eyes.

Among those privately-owned Chinese companies, Luoyang Wire Rope Inspection Technology Co., Ltd. was recognized by OTC with its "Small Business Award." The company's innovation of "automatic real time online wire rope inspection system" also received "New Technology Award" at OTC.

Dou Bolin, president of the company, hoped that more and more Chinese companies can receive awards at the OTC. "I look forward to seeing more Chinese companies take leads in technological innovations in the oil and gas industry," he said.

This year marks the 50th anniversary of OTC. We want attendees to walk away with a sense of the industry's and of OTC's legacy, of where we came from, of what we're doing in the present and where we're going in the future," said OTC Chairman Wafik Beydoun.

During the 4-day event, business leaders from around the world will discuss the transformation of oil industry, the creativity of new technology and the evolution of the industry in the next 50 years.

Founded in 1969, OTC, the largest event in the world for the oil and gas industry, is where energy professionals meet to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources and environmental matters.

This year's event features technical sessions, topical breakfasts and luncheons, along with several in-depth panel discussions. The annual event attracted 2,300 companies from 35 countries and regions. Enditem