Oil Riches Languish on China’s Doorstep
By Bloomberg News
To China, the world’s biggest energy consumer, another Saudi Arabia of oil may lie beneath the ocean to its south. Escalating regional tensions mean large-scale drilling may be slipping further into the future.
The South China Sea may hold 213 billion barrels of oil, or 80 percent of Saudi Arabia’s reserves, according to Chinese studies cited in 2008 by the U.S. Energy Information Agency. The world’s second-largest economy claims “indisputable sovereignty” over most of the sea, including blocks off Vietnam... Mais
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