Eureka: New oil and gas deposits in China
The battle for market share continues to rage among foreign and domestic Internet companies in China. International giants Google and MySpace are struggling to overcome late starts to win over China’s growing number of Internet users from strong domestic competitors. Google still trails significantly behind search engine market leader Baidu, which reported first-quarter net income of $11.1 million, a 142.6% year-on-year increase. Another newcomer, MySpace, began offering services in China in late April. It faces stiff competition from well-established domestic players as well as a number of smaller, homegrown companies with similar services. China currently has 137 million Internet users, making it the world’s second-largest Internet market.
PetroChina, China’s largest oil producer, reported on May 3 a huge oil and gas deposit discovery off the northeast coast of China. The company said that the newly discovered reserves could hold as much as 1 billion metric tons of oil and natural gas. Following the announcement, share prices of PetroChina in Hong Kong climbed almost 15%, making PetroChina the world’s third-largest oil company by market capitalization.