Chinese Gas Giant Finds New Oilfield in South China Sea

News Snapshot:

A Chinese oil and natural gas giant has made a major discovery in the energy-rich waters of the South China Sea. The 100-million-ton oil field is located in the Pearl River Basin near China's Guangdong Province, state-owned China National Offshore Oil Corporation (CNOOC) said in a press release on Friday. The find is a boon to China, the world's largest net importer and second largest consumer of oil, as the country seeks to boost energy independence and assert its presence in a region known for its strategic and economic importance. The oil found within the Kaiping South oilfield is light...