Throwing conflict oil on troubled waters

China’s oil wing, CNOOC, claims to have found significant oil under the South China Sea.
The South China Sea is ramping up in the region’s regional conflicts.

In the news China is in South China Sea conflict with Taiwan, Philippines, South Korea, and the US.

https://www.reuters.com/business/energy/chinas-cnooc-makes-100-million-ton-oilfield-discovery-south-china-sea-2024-03-08/

A couple years ago, Guyana discovered oil off their shore.
Now Venezuela is claiming that area as its own.

https://www.reuters.com/world/americas/venezuelas-maduro-conveys-great-respect-guyana-president-2024-02-21/

And in the Esquibo.

https://www.reuters.com/markets/commodities/brazil-guyana-suriname-eye-more-cooperation-oil-gas-2024-02-29/

Israel discovered natural gas and oil off its shores, in the eastern Mediterranean. Israel is negotiating with its adjacent neighbors for development.

Back to China and the South China Sea.
A few years ago, China announced the presence of REE nodules on the floor of the South China Sea. And laid claim.

No real comment, except to note that the new under sea oil fields are not OPEC.
Production from these fields can mitigate some of the OPEC related cutbacks, as well as the effects of the sanctions against Russia, Iran, etc.

When will India announce oil discovery in their off shore areas?

:face_with_monocle:
ralph

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This territorial dispute has been ongoing for decades. The discovery of offshore oil and gas just fuels the flames. BTW, Brazil discovered offshore oil and gas around 1975. Trinidad also has offshore oil and gas. So much for peak oil!

The Captain

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