China to Look for Oil in Spratlys

Tuesday, August 30, 2005
A Chinese firm has won a joint contract from the state oil companies of the Philippines, Vietnam and China to search for oil in a disputed area of the South China Sea, according to a report from The Philippine Star.

China Oilfield Services Ltd. (COS), a subsidiary of China National Offshore Oil Corp. (CNOOC), was reportedly given the go-ahead to explore near the disputed Spratly island chain after agreement by the three nationalized conglomerates, Xinhua news agency said.

CNOOC, Philippine National Oil Co. (PNOC), and Vietnam Oil and Gas Corp., also known as PetroVietnam, agreed in March to conduct seismic work programs — setting off explosions to monitor the shock waves for pockets of oil and gas — over three years covering an area of about 143,000 square kilometers.

Sources from the Department of Defense in Manila claimed the arrival of the Chinese research vessel was a result of a series of dialogues between the three countries, the latest of which was held in Davao City recently.

Sources also said China will provide the modern marine research vessel. The Philippines and Vietnam, on the other hand, are tasked to provide boat guides and research staff to augment Chinese personnel for the exploration activities.

Seismic and oil exploration had been initially scheduled to last for about three to six months but the project could go on longer if necessary, sources claimed.

The exploration award was announced weeks after CNOOC’s $18.5-billion bid to buy the US-based Unocal was turned down by shareholders of the US company. (Source: The Philippine Star)

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Fratelli Neri Orders Damen Tug

One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015.   The vessel will be the first ASD tug

NOIA Applauds Senate Passage of OPENS Act

NOIA President Randall Luthi issued the following statement on the Senate Energy and Natural Resources Committee’s passage of the OPENS Act, which will open new

Shell Moves Ahead in Arctic with Exploratory Well

Shell Oil's icebreaker MSV Fennica weaved through nine remaining protesters hanging from the St. Johns Bridge and made its way toward the Pacific Ocean.   Authorities

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1102 sec (9 req/sec)