Chinese shelf may generate biggest offshore flurry since North Sea

Journal Article · Mon Dec 13 04:00:00 EST 1982 · Oil Gas J.; (United States)

OSTI ID:6385474

Enright, R J

The vast continental shelf of the People's Republic of China will be the scene of major offshore drilling over the next couple of years. Negotiations are underway or pending with 33 foreign oil companies in 13 bidding groups for exploration agreements on big acreage spreads in the South China and Yellow Seas. China National Offshore Oil Corp. hopes to conclude talks and sign the first contracts in 1983. If the Chinese show moderation and some flexibility in negotiating exploration contracts, recognizing that demands too stringent during a time of low oil profits worldwide could cause withdrawal of bids, offshore China could develop the biggest multinational drilling boom since the North Sea. The PRC, despite its enormous hydrocarbon potential, is pinched for energy right now, and the situation is expected to worsen as its existing major onshore oil fields are depleted. Meanwhile, domestic demand and growing needs for foreign exchange from sales of oil abroad will be increasing rapidly. Domestic oil needs alone are expected to reach 3 million bbl/day or more by 1990; because the government wants to export 1 million bbl/day or more by that time, the country's current production of 2 million bbl/day must double.

• OSTI ID: 6385474
• Journal Information: Oil Gas J.; (United States), Journal Name: Oil Gas J.; (United States) Vol. 80; ISSN OIGJA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020200* -- Petroleum-- Reserves
Geology
& Exploration
ASIA
CHINA
CONTINENTAL MARGIN
CONTINENTAL SHELF
DRILLING
EXPLORATION
EXPORTS
GEOLOGIC DEPOSITS
MINERAL RESOURCES
OFFSHORE DRILLING
PETROLEUM DEPOSITS
RESERVES
RESOURCES