The South China Sea Oil Bonanza

444

Context
Speaking at a press conference, China’s Foreign Ministry spokesperson Hong Lei reaffirmed that China has unquestionable sovereignty over the islands in the South China Sea and adjacent waters. The area has abundant natural gas and oil reserves, and some neighboring nations have their eyes set on the resources there. As part of a strategy to increase the utilization of underwater resources, China has intensified efforts in natural gas and oil mining in these areas, but the overall level of production and investment is considerably lower than those of surrounding countries like the Philippines and Vietnam. Even though the Chinese government has boosted exploration in these areas in an attempt to reduce China’s reliance on imported oil, technical limitations and ongoing exploration from other nations which disregard China’s claims over the area are obstructing the ambitious initiative.

 

Previous articlePakistani Delegation Returning Home Without Money
Next articleArab World, Turkey to Do Away With Prejudices