The Yamal LNG project in the Arctic area of Russia (Yamal LNG) involves many aspects including management of the project's finances, construction of LNG plants and special ships, exploration and development, liquefaction, storage, transportation, and distribution of natural gas. The project is very demanding in terms of quality, standards, and technologies required. China was chosen to carry out modular fabrication for the projects. Six Chinese offshore engineering companies were awarded with contracts to manufacture modules that weigh more than 400,000 tons. Other Chinese companies were also enlisted to provide manufacturing, production, and processing assistance along with material and equipment supplies for the project. Their involvement in the project showed to the world not just their comprehensive strength in both LNG technologies and equipment fabrication but also their potential to become a world class competitor in the petroleum engineering market, as demonstrated by their strong capacity, attractive cost, and short delivery period for module fabrication during their participation in the Yamal LNG project.

China has made great progress during 7 years of shale gas exploration and development. The country managed to finish a preliminary assessment of its resources, start commercial development of two shale gas blocks, and carry out basic technological research for independent development of the gas. To encourage the development of the sector, the country also issued a series of preferential policies. Two rounds of shale gas bidding were held successfully. However, shale gas development in China is still in an early stage. Challenges such as immature geological theories, lack of key technologies and capital,and environmental issues are almost inevitable and need to be tackled before or duringthe exploration and development of shale gas in the country. Overall, shale gas has a bright future in China because of the country's urgent demand for cleaner energy and its current heavy reliance upon imported gas. The article suggests that China will be able to produce 40 bcm by 2020 and that a healthy development of shale gas will be good news for both chemical engineering and peak shaving reserves.

A mature market system for the petroleum sector is badly needed in China. The system currently in place in the country still has plenty of aspects in which it can be improved, including: an under-developed factor market, singular forms of product markets, and inadequate marketization of the management system and operational mechanism. How to tackle the three problems is the most urgent task that market construction for the petroleum sector in the country faces right now. This article proposes reform of the current system of awarding mining rights and calls for block auctions and mining right transfers. It also suggests a relaxing of access into petroleum exploration and development, enhancing the petroleum financial derivatives market, improving petroleum investment and financing systems, establishing relatively independent service companies, strengthening the opening-up of the service sector toward foreign service companies, perfecting information management systems and providing information consultants, pushing forward the separation of the governmental administration from the enterprises, accelerating a supervision system, and fully utilizing market means, and methods to adjust the petroleum sector in the country.

This paper discusses the development of China's oil exploration & drilling equipment, and it focuses mainly on the domestication, industrialization, and standardization of fixed offshore drilling rigs primarily constructed by CNOOC. Considering the manufacturing of and application of deepwater drilling equipment in China, the authors put forward suggestions regarding industry policies and the standardization of China's offshore engineering equipment.

Proved oil reserves are abundant in Latin America. Chinese companies are looking for opportunities to conduct petroleum business in Latin America. Chinese companies, bolstered in their efforts by their wealth of experience, strong technical support, and good reputation, have started bidding for power in the oil market of Latin America. A bright future is expected for cooperation in oil development in Latin America. Chinese and Latin American companies will continue to benefit from cooperation in the oil industry.