Deepwater oil and gas development requires cooperation

[moniya12]

PRC.TODAY portal continues to introduce you to the economy of China. In today's news, you will learn about China's intentions to develop the development of deep-water gas and oil fields through cooperation.

(Global Times) - Deepwater oil and gas production remains a key trend in the energy sector, and global cooperation in deepwater exploration should be expanded to reduce costs amid low oil prices, Chinese oil and gas experts said at the China Energy Week 2020 conference, co-hosted by Oil Observer and the Shanghai Petroleum and Natural Gas Exchange.

Offshore oil resources are estimated to account for about 34 percent of the world's total oil reserves, meaning there is plenty of them, said Zhu Weilin, a professor at Tongji University.

“ Currently, global deepwater investment accounts for about 33.3 percent of total offshore investment in the oil and gas sector, and deepwater projects account for 25 percent of global offshore projects ,” he said, adding that 75 percent of the world’s top 50 mega-projects are deepwater projects.

Development of deep-sea exploration and deposits
About 70 percent of the world's major oil and gas discoveries over the czech republic telegram number database past five years have come from waters deeper than 1,000 meters, and the trend is accelerating every year, meaning deep-sea exploration is of great importance for both the present and the future, Zhu said.

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According to Zhu, major international oil companies are shifting their focus on exploration and development from land to sea and accelerating their expansion into deeper waters. The majors account for nearly 50 percent of the reserves in the offshore sector, with oil giant Eni accounting for nearly 70 percent, according to Zhu.

[yadaysrdone]

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