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 | Thursday, April 27, 2000, updated at 16:13(GMT+8) | ||||||||||||
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Massive Gas Development Launched in East China SeaThe China National Offshore Oil Corp (CNOOC) gives priority to developing offshore gas in the East China Sea and started drilling in the Shaoxing 6-1 structure in the Xihu Depression of the sea areas Saturday.According to CNOOC vice-president Dai Huandong, the basin of the East China Sea which covers a total area of 250,000 sq.km.is rich in oil and gas reserves. And the Xihu Depression in the basin is particularly rich in gas resource with proven and probable gas reserves topping 150 billion cubic meters. Experts expect the total gas resources in the Xihu Depression to hit one to two trillion cubic meters. In addition to gas, the Xihu Depression is also rich in oil resources with total resources at 1.2 billion tons. However, the present proven and probable oil reserves stand only at 40 million tons. The vice president said that CNOOC will invest 400 million yuan this year in drilling 5 wells and conducting a 5,000-km-long 2-D seismic data collection. Dai added that the gas development in the East China Sea is important for providing clean energy sources for Shanghai and the provinces of Jiangsu and Zhejiang which are economically-developed coastal areas. China started oil and gas development in the East China Sea in early 1980s. So far, some 48 wells have been sunk and four oil and gas fields as well as 6 oil and gas-bearing structures have been discovered. CNOOC, Shanghai and the China Star Oil Corp co-developed the Pinghu oil and gas field in the basin in 1998 which has started gas supply to Shanghai, with initial annual gas production capacity topping 400 million cubic meters.
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