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China : China to launch first deep-water oil rig
Publish Date : 09-May-2012
China will this week launch its first home-grown deep-water drilling rig located in the South China Sea, some 300 kilometres southeast of Hong Kong, state media reported on Tuesday.
China, dependent on oil imports to fuel its surging economy, claims full sovereignty on the sea, which has huge oil and gas reserves, often leading to diplomatic rows with its neighbours.
The rig launched by China National Offshore Oil Corp will begin operations on Wednesday at a depth of 1,500 metres, said the Beijing News, quoting a company statement.
It will be the first independent deep-water oil drilling rig operated by a Chinese company, marking \"a substantial step\" made by the country\'s oil industry, CNOOC said.
