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2014-09-17 18:00:00

CHINA FINDS GAS

CHINA FINDS GAS

The Chinese exploration rig at the center of a tense maritime standoff with Vietnam earlier this year has made its first deep sea gas discovery in the politically volatile South China Sea, state media announced Tuesday.

 

 

The discovery by China National Offshore Oil Corp. was made about a month after its rig withdrew in July from Vietnam's exclusive economic zone to far less-contested waters closer to China.

The find by CNOOC's two-year-old, $1 billion deep sea rig is about 150 kilometers south of China's southernmost island of Hainan. It's unclear whether the discovery will become commercially viable, but the announcement represents a significant step in China's ability to seek resources beneath the South China Sea.

Petroleum reserves and fisheries are among the resources at stake in disputes over the sea, which is one of the world's busiest shipping routes and a patchwork of overlapping claims by governments including China, the Philippines, Malaysia, Vietnam and Taiwan. China claims virtually all of the South China Sea.

The find was China's first without the participation of foreign partners that in the past have included companies such as Chevron and BP, said Felix Tan, a Beijing-based analyst for energy and resources consultant Wood MacKenzie.

"This is the first discovery they've done all by themselves," Tan said in an interview. CNOOC has rapidly developed a deep-water exploration capability, he said.

"It's a bit premature to talk about the viability" of the field, however, Tan said. "There are a lot of tests to be done."

The gas field was discovered Aug. 18 at a depth of about 1,500 meters, CNOOC said on its website.

The depth is at the extreme cusp of what the industry considers a deep-water field, or those from 400 to 1,500 meters. Below 1,500 meters would be ultra-deep, where extraordinary pressures make the building of facilities extremely difficult.

Xinhua said the field's viability is still to be proven, but quoted a CNOOC manager, Xie Yuhong, as saying the well could be capable of producing up to 56.5 million cubic feet of gas per day, or about 9,400 barrels.

pennenergy.com

Tags: CHINA, GAS, VIETNAM, CONOCOPHILLIPS
CHINA FINDS GAS September, 20, 09:05:00

OIL PRICE: ABOVE $55 YET

CHINA FINDS GAS September, 20, 09:00:00

GAS PRICES UP TO $3.146

CHINA FINDS GAS September, 20, 08:55:00

ЦЕНА URALS: $51,81591

CHINA FINDS GAS September, 20, 08:50:00

U.S. OIL + 79 TBD, GAS + 788 MCFD

CHINA FINDS GAS September, 20, 08:45:00

RENEWABLE'S FUTURE

CHINA FINDS GAS September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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CHINA FINDS GAS
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

CHINA FINDS GAS
September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

CHINA FINDS GAS
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

CHINA FINDS GAS
September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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