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Nuoxin strikes it rich with Alaskan investment

Update Date:2016-11-8 14:47:52 Source:BeiJing Tannet Views:993
It was no coincidence that Tianjin-based investment company Nuoxin Co Ltd decided to make its first overseas energy investment in the US state of Alaska, said Yang Yubin, president of Nuoxin.

Nuoxin is now the largest shareholder in NordAq Energy Inc, the owner of Smith Bay on the western North Slope of Alaska, where an oilfield with up to 6 billion barrels of oil was recently discovered.

"Our investment in this remote inlet was Nuoxin's first energy investment abroad," said Yang.

"As a globally important oil and gas producing area, Alaska has always been the focus of energy investors around the world."

Caelus Energy, the explorer of the Smith Bay project, announced last month that it had made a new offshore oil discovery in Alaska that could become one of the largest finds in the state's history.

The company estimated that it could extract 1.8 billion to 2.4 billion barrels of crude from the oilfield, and the production level would make the field more prolific than the oilfield discovered by ExxonMobil off the South American coast of Guyana in 2015.

The article transsshipment from China Daily

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