BEIJING, May 8. /TASS/. Chinese oil company Offshore Oil Engineering has begun development of a big new natural gas field, Liuhua 29-2, in the eastern waters of the South China Sea, Xinhua reported on Saturday.
According to the news agency, the goal of the project is to meet the growing demand for hydrocarbons in the dynamically developing southern region of the country — Guangdong province, as well as the special administrative regions of China, Hong Kong and Macau. In 2021 the field is expected to provide production of about 420 million cubic meters of gas.
According to Hainan's Geological Exploration Department, offshore gas reserves in the South China Sea reach at least 58 trillion cubic meters, and oil reserves — 29 billion tonnes. According to official estimates, only 4 trillion cubic meters and 2 billion tonnes, respectively, are available for development as of yet.