China’s Global Search for Oil Implications for the US.pptVIP

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2018-01-04 发布于浙江
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China’s Global Search for Oil Implications for the US.ppt

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China’s Global Search for Oil Implications for the US

China’s Global Search for Oil:Implications for the US Erica Downs Security for a New Century Study Group Washington, DC 8 June 2007 Summary Congress shouldn’t worry about China’s foreign oil investments harming global energy security Congress should be concerned about: Foreign policy implications of China’s overseas oil investments Impact on of unfair competition from China’s oil companies on US companies Outline China’s dependence on energy imports Drivers of China’s global search for oil Government-company relations Foreign investments Policy recommendations Modest Dependence on Imported Energy China meets most of its energy needs with domestic supplies 85+% self-sufficient Abundant coal Small amounts of liquefied natural gas and coal imported Oil only fuel imported in large quantities China 50% dependent on oil imports World’s 2nd largest oil consumer 2006: 7.0 million b/d (1/3 of US level) World’s 3rd largest oil importer 2006: 3.3 million b/d (? of US level) Projected imports of 6-11 million b/d in 2020 About 60-80% of projected total consumption Goals of China’s Global Oil Search: It’s Not Just About Energy Security! Energy security is a motivation for the Chinese government: Fairly widespread – but not universal – preference for oil obtained through investment rather than trade But China’s national oil companies (NOCs) have their own objectives: Replace reserves Increase profits Enhance global competitiveness NOCs drive foreign investments… NOCs are state-owned but not merely puppets of the state Corporate interests sometimes run counter to national interests Power and autonomy of NOCs has grown substantially in recent years NOCs often have considerable influence on policies and projects Initial push for foreign oil investment …but the government is involved Approves projects, at least in theory Tries to limit head-to-head competition Provides diplomatic support Government-to-government negotiations often effective Provides financial support Cheap