• "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"

Chinese Oil Major Strikes It Big In South China Sea

wallew

Gold Member
Gold Chaser
Joined
Mar 30, 2010
Messages
2,121
Likes
2,206
Location
Texas, USA, North America, Planet Earth
#1
Chinese Oil Major Strikes It Big In South China Sea
By Tsvetana Paraskova
Jun 29, 2020

The listed arm of China National Offshore Oil Corporation (CNOOC) said on Monday that it had made a significant discovery of oil and natural gas in the eastern part of the South China Sea.

A discovery well at the Huizhou 26-6 discovery in the Pearl River Mouth Basin in the Eastern South China Sea was tested to produce around 2,020 barrels of oil and 15.36 million cubic feet of gas per day.

CNOOC expects the new oilfield to become the first mid-to-large sized condensate oil and gas field in the shallow water area of Pearl River Mouth Basin.

CNOOC's new discovery could be a boon to China's ambitions to boost its domestic oil and natural gas production in an attempt to lessen its dependence on oil and gas imports. State-controlled CNOOC is one of the companies that China has tasked with replacing domestic reserves, even as the oil price crash has forced Chinese state oil majors to cut capital expenditures for this year.

CNOOC, together with PetroChina and China Petroleum & Chemical Corporation (Sinopec), are the national oil companies in Asia that have been the worst hit by the oil price collapse, analysts say. However, China's NOCs are now prioritizing the increase of domestic oil and gas production and cutting overseas operations.
In the longer term, China's push for boosting its energy security by increasing domestic production will support higher investments from the Chinese oil giants, according to Fitch Ratings.

CNOOC Limited "plays a strategic role in safeguarding the country's energy security via its offshore upstream activities, both domestically and overseas," Fitch said last week, affirming its A+ rating on the company with a "stable" outlook.

CNOOC's revenue and EBITDA will be weak this year due to the price collapse, but they are expected to gradually recover from 2021, in line with Fitch's oil and gas price deck.

https://oilprice.com/Latest-Energy-...-Major-Strikes-It-Big-In-South-China-Sea.html
 

Buck

Village Idiot
Midas Member
Site Supporter ++
Joined
Apr 13, 2011
Messages
12,008
Likes
12,300
#2
and it'll all be good till it 'blows out' and the chinese will just pack their stuff up and just leave...no one will know because it'll be underwater...
 

Someone_else

Gold Member
Gold Chaser
Midas Supporter
Joined
Mar 31, 2010
Messages
2,996
Likes
4,189
#4
For those of you who wondered WTF we were doing in Vietnam in the 60s.
I read two books on JKF a few years ago, and just remember some random pieces of the stories. Here is what I remember.

One of the oil companies (Gulf or Shell? I think it was Shell) wanted to drill for oil there. But the French colonial rule was pushed out. There was no powerful central government, most of the rule was local. The oil company did not want to negotiate with hundreds or thousands of local rulers, so they "needed" to install a central government. So they backed Ho Chi Mihn as the good guy. Yes! At first, Ho Chi Minh was the GOOD GUY. Let that sink in.

When WWII was ending, the US was stockpiling arms in the Philippines to go to Ho Chi Minh so he could set up a government friendly to the west. This was planned and started in 1944 or 1945. Let that date sink in.

I don't remember the details, but it is clear that the US did a double-cross on Minh. It could be that the US needed two powerful factions fighting each other so that everyone in Viet Nam "needed" to support one side, or else be crushed between them. This would ensure that no matter which side won the civil war, there would finally be a powerful central government.

It seems that every government will tolerate any other country's government, but will NOT tolerate a land without a government.
 

EO 11110

CENSORSHIP KILLS
Mother Lode
Site Supporter ++
Joined
Jul 31, 2010
Messages
16,459
Likes
14,066
Location
clown world
#5
2,000 barrels a day seems small. is that 'big' as headline is megaphoning?