China's $1 billion deep-sea rig expected to enter disputed South China Sea
4,613 views · Published 21 June 2012 · 0:45 · Indexed 1 November 2026
Channel: News Direct · 2012 · News & Politics
China's first ultra-deepwater oil rig began drilling 320 km south of Hong Kong last month. Experts project the state-owned Haiyang Shiyou (Offshore Oil) 981, which cost nearly $1 billion to build, will eventually enter disputed waters in the central and southern South China Sea. The South China Sea, where China, Vietnam, Brunei, the Philippines, Malaysia and Taiwan have overlapping territorial claims, contains oil reserves of up to an estimated 213 billion barrels of oil. The Haiyang Shiyou 981 is owned by the state-run CNOOC (China National Offshore Oil Corp) oil company. SOURCES: Reuters
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