Henan Ocean Chemical recently learned that the South China Sea contains rich oil and gas resources,and the Balam Delta is a key oil and gas distribution area.The oil and gas resources in the South China Sea are mainly distributed in the Red River Basin,Jiulong River Basin,South Kunshan Basin,and the Param Delta off the coast of Brunei,Vietnam.Natural gas accounts for about 70%of the oil and gas resources,and the Baram Delta is currently in the stage of large-scale development.China's oil and gas development in the South China Sea is mainly concentrated in the the Pearl River Estuary,and the development progress near the the Nansha Islands is far lower than that of other countries and regions.At present,the daily crude oil production in the China Sea region is 1.36 million barrels per day,and the natural gas production is 2.32 trillion cubic feet,of which China's crude oil production accounts for approximately 21%and natural gas production accounts for approximately 6%.Malaysia and Vietnam are major crude oil producers in the South China Sea.China's oil and gas exploitation is mainly concentrated in the the Pearl River Mouth Basin,and there is neither exploration nor exploitation in the Nansha area.
CNOOC hopes to achieve oil and gas production of 50 million tons of equivalent oil in the South China Sea region by 2020.At the end of 2010,CNOOC's annual oil and gas production in the Chinese waters exceeded 50 million tons of oil equivalent for the first time.During this period,CNOOC's business focus shifted to the deep-water areas of the East China Sea and South China Sea.According to CNOOC's plan,CNOOC plans to invest 200 billion yuan in the development of deep-sea oil and gas in the South China Sea over the next 10-20 years.The total production of the South China Sea deepwater area is planned to reach 25 million tons of oil equivalent by 2015,and 50 million tons of oil equivalent by 2020.
It will still take time to advance into Nansha.Considering that the oil and gas reservoirs in the South China Sea are mainly composed of gas,it is recommended that investors pay attention to related facilities such as FPSO and shipping LNG.It is difficult to find a practical solution to the sovereignty dispute over the the Nansha Islands in the short term.The proportion of natural gas in the oil and gas reserves in the Nansha area is relatively large,and the oil and gas development in the Nansha area also has climate,geographical and other challenges.It is expected that in the short term,CNOOC will still focus on the the Pearl River Estuary Basin,and use the oil and gas development in the the Pearl River Estuary Basin to accumulate experience for Nansha.Investors are advised to pay attention to confirming FPSO and LNG shipping facilities.
