Deep Oil

Published on Author andrew

China’s first deep-water natural gas field has started producing gas. This marks a milestone in China’s efforts to exploit more energy resources and to use cleaner burning fuel. The $6.5 billion, 1,450 meter deep water well began pumping on Monday an spokesperson for the oil rig and China said, “It was a massive undertaking and is a great achievement for deep-water gas production in the Asia-Pacific Region”. Beijing approved the well with the future in mind, aiming for an increase of gas use to 10% of China’s energy mix by 2020, up from 5% currently.

Link: WSJ

Chinese Oil Rig

4 Responses to Deep Oil

  1. While China continues to modernize and industrialize, a significant issue that must be dealt with is energy sources for this growth. This is without a doubt an important step for China in addressing its thirst for more energy sources. However, China will, at some point, have to explore renewable sources as a more primary source of energy.

  2. China is looking towards the ocean for renewable energy. According a report by WSJ, China’s coastlines are a key testing ground for ocean energy technology, including the development of a dynamic tidal-power wall that could supply energy equivalent to 2.5 large nuclear reactors.

  3. China is clearly taking steps to harness cleaner and renewable sources of energy. This is definitely a smart investment considering the large amounts of pollution that is plaguing cities across the country.

  4. Nothing in the report to indicate whether this was anything but a technology showpiece – significant reserves? cost per amount the well yields? Ask hard questions of news reports!!!