A CNOOC drilling, production and processing module used in the South China Sea. (CNOOC)
China National Offshore Oil Corp. (CNOOC) is betting that undeveloped oil and gas resources beneath the western waters of the South China Sea can be a major contributor to its domestic production growth. It aims to test the theory with the development of the deepwater Lingshui 17-2 field.
CNOOC’s gas volumes from the western South China Sea have declined in recent years, falling from 3.53 billion cubic metres in 2014 to 2.74 bcm in 2018. But the...
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