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Countries don’t colonize anymore. Today, if the British Empire needs tea, tobacco or beaver pelts, it buys them for cash rather than sending the Royal Navy. If the French need rubber, ivory or timber, they import them rather than functionally enslaving the Congo.
And if Red China needs oil, it doesn’t send Chairman Mao’s army (Proud motto: Every man a private), it sends a state-owned company.
That company is CNOOC (NYSE: CEO). And it is on the march.
Recently, CNOOC — China National Offshore Oil Company — sealed a ten-figure deal to acquire a third of the massive Tullow find in Uganda, a region thought to contain several billion barrels of oil. CNOOC is also developing a 2.5 billion-barrel field in Iraq. And late last year CNOOC inked a deal with Venezuela to gear up production in a field in the eastern part of that country.
Now, after several British firms say they’ve found oil in an area north of the Falkland Islands in the South Atlantic, CNOOC has spent $3.1 billion to buy a stake in nearby Argentina, Bolivia and Chile.
China is the most aggressive energy pursuer on the planet. And they apologize for nothing. They recognize the competition afoot and the limitations of resources. And from where America retreats in the competition from resources, the Chinese happily fill the void. China is bold and, with a new deal with Cuba to drill in the Gulf of Mexico, very close to our own shores.
If there are concerns with the safety, operation and oversight of American and British rigs in the Gulf of Mexico, what level of environmental comfort is to be drawn when the newest rigs drilling there are stamped “Made in China”?
Originally posted by Essan
reply to post by TruthxIsxInxThexMist
It would be helpful if you could give us some more info. Will it be worse, for example, than the mudslide disaster that occurred in early March this year?
Originally posted by TruthxIsxInxThexMist
reply to post by jibeho
Thanks for your post... very interesting!
I heard there have been numerous oil patches found in parts of Africa and maybe my slight vision (if i can all it that) had something to do with that, i don't know but usually after these events i have, there's a disaster of some kind.
Originally posted by Essan
As I mentioned above, there was a big disaster in Uganda in March in which hundreds died. How do you think your prediction will compare?
Did you predict the March event?
[edit on 20-5-2010 by Essan]
An al-Qaida-linked Somali militant group suspected in twin bombings in Uganda's capital that hit crowds watching the World Cup final endorsed the attacks Monday but stopped short of claiming responsibility, while the death toll rose to 74.