Business News

Sep 27
Seeking New Sources By Jodi LaMarco

The demand for oil is driving up prices as traditional reserves are coming within sight of limits. China hopes to tap its relatively unexploited offshore fields while the oil price explosion that has kept the fuel above $50 a barrel lasts.

China Oilfield Services Ltd. (COSL), which provides oil companies with the necessities for offshore drilling, has seen its stock quadruple since last year. While the stock is seen by many as expensive, COSL’s services are currently 45 percent lower than prices offered by international operators.

WSJ: September 24, 2007

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