180 oil and gas fields discovered in South China Sea
According to Mr Wu Shicun director of South China Sea Institute of Oceanology of the Chinese Academy of Sci ences, China has found more than 200 oil and gas bearing blocks and 180 oil and gas fields with depth between 500 meters to 2, 000 meters in the South China Sea.
China oil production from South China Sea is annually 10 million metric tons, less than its adjacent countries. CNOOC Group, China largest offshore explorer has not yet found commercial product ion in South China Sea.
In China, Sinopec and CNPC, China largest onshore oil producers, are only allowed to explore shallow water resources, and CNOOC is entitled to explore all waters.
CNOOC has also the monopoly to cooperate with foreign partners in Chinese seas and has priority to have 51% interest in cooperative projects. CNOOC Group is parent of CNOOC Ltd.
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