The government-run oil corporations in China intend to develop seven latest gas fields in the East China Sea. The fields would feasibly siphon gas from the seabed underneath the waters claimed by Japan. The move was expected to further the tensions with Tokyo regarding the disputed area.
Beijing slowed its gas exploration in East China Sea which was considered to be rich in energy. It's slow down was one of Asia's largest security risks. This was due to the fact that the parties were still vying for territorial claims. However, Beijing's current move signified that it wanted to seek for gas. An inexpensive and clean energy for the importation of coal and oil were its present target.
CNOOC Ltd, a state-run Chinese oil and gas corporation, would soon submit for the government's consent. It planned to enhance Huangyan phase II and Pingbei. The plan would aggregate seven new fields. The approval would result to a total of nine fields for Huangyan project. The Huangyan project was anticipated to cost CNY30 billion or US$4.9 billion. Two industry officers familiar with the projects told Reuters.
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