Chinese CNOOC to postpone offshore fields because of cheap gas
Edited by Rhod Mackenzie / 2016-06-15 10:50:09
The largest Chinese company for production of shelf oil and gas China National Offshore Oil Corp (CNOOC) may delay the start of the production at the Lingshui 17-2 gas field in the South China Sea to 2020 due to the slowdown in the demand for fuel. Lingshui 17-2 was the first deposit, independently discovered by CNOOC, which is also its operator.
According to the company, in February 2015, it had proven reserves of 100 billion cubic meters of gas, which makes it one of the largest offshore fields in China. It was assumed that its gas will be supplied in the southern provinces of China, Hong Kong and Macau.
