EXPLORATION

Insider: PetroChina wants to conduct South China Sea E&P

PetroChina has reportedly applied to China’s Ministry of Land and Resources for E&P licenses for the southern area of the South China Sea. If true, this is a bold move as Chinese law states only CNOOC can do any offshore E&P.

Current Chinese law states “CNOOC as the sole company to partner with foreign companies to conduct exploration and development in Chinese waters” and, up to now, offshore E&P has been the domain of CNOOC together with its foreign PSC partners.

However, according to a anonymous “senior engineer” with the Exploration and Development Research Institute of China National Petroleum Corp, “The government is encouraging domestic oil companies to step up efforts in offshore exploration. The offshore area is too large for CNOOC to work alone [and] the government is co-ordinating the relationship among Chinese oil companies to allow more players in the area.”

“PetroChina had applied for exploration licenses in the East China Sea and Bohai Bay years earlier but I am unsure whether the licence has been approved,” added the insider.

PetroChina has traditionally conducted E&P onshore or in shallow waters.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

ENB CCS Report 2024

ENB’s CCS Report 2024 finds that CCS could be the much-needed magic bullet for Australia’s decarbonisation drive

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.

editions

ENB Cost Report 2021

This industry-wide report aims to understand current cost levels across the energy industry