In a first for Chinese offshore shale, state-run oil giant CNOOC has announced what it claims to be a commercial discovery in the Beibu Gulf in the South China Sea with the tapping of oil and gas flows at a wildcat well. The discovery, at the Weiye 1 wildcat well, the first shale well China has ever drilled offshore, could be a game-changer for the country’s dependence on oil and gas imports, according to Chinese media.
CNOOC estimates that the Beibu gulf holds some 8.76 billion barrels of shale oil in place, and Thursday’s…China Claims First Offshore Shale Oil And Gas Discovery
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