China Announces Discovery of Massive Oil Reserve in South China Sea

Chinese oil company CNOOC has discovered a significant oil reserve in the eastern sector of the South China Sea, with proven reserves estimated at around 100 million tons, according to state-run news agency Xinhua. The Huizhou 19-6 reserve is located approximately 170 kilometers offshore from the coastal city of Shenzhen. Exploratory drilling has extracted 413 barrels of oil and 68,000 cubic meters of natural gas daily, as per the same source. The proven oil reserves exceed 100 million tons, thanks to current technologies, always according to Xinhua. While the seabed of the South China Sea remains largely untapped due to territorial disputes, most known reserves are located in areas where sovereignty is not contested, according to the U.S. Energy Information Administration (EIA). Beijing claims almost all of the South China Sea, but overlapping claims also come from the Philippines, Malaysia, Vietnam, Indonesia, and Brunei.