Deep Sea Oil Exploration News

China will build its own deep water oil exploration fleet in three to four years. The fleet will be able to work in deep waters all over the world, except for the north pole. China's Offshore Oil Company has launched the strategy for building such a fleet. The company's spokesman, Liu Junshan, said one of their future targets would be deep sea oil exploration. They will invest up to $1.33b in the construction of modern equipment for deep sea drilling, a laboratory, and a working fleet. [Source: www.chinadaily.com]

The Prime Minister of Bangladesh approved the policy on the third round bidding for deep-sea hydrocarbon exploration in the country's exclusive economic zone in the Bay of Bengal, according to a Financial Express report. The policy will now be placed before the cabinet for its approval. The seismic surveys in deep sea up to 200 nautical miles into the Bay of Bengal will help locate hydrocarbon reserves, if there are any. After getting a reliable picture of energy potentials in the deep sea, the government would go for the third round bidding, according to the report. The Energy and Mineral Resources Division earlier prepared a draft policy outlining various strategies for the proposed third round bidding.