China’s Discovery of Major Gas Reserves in the Bohai Sea: How Will it Affect LNG Gas Imports from the US?
By Prof Michel
Chossudovsky
Global Research
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Global Research
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The China National Offshore
Oil Corporation (CNOOC) has confirmed “the discovery of a high-quality
and high-yield oil” in the Bohai Sea with proven reserves of natural gas
exceeding 100 billion cubic meters. (see RT News)
“The flow has been discovered in CNOOC’s Bozhong 19-6 gas field,
China Central Televison reported. It is the largest oil and gas discovery in
the Bohai Bay Basin in the past 50 years, and could be used by millions of
city dwellers for hundreds of years, reports the China Daily.
According to Liu Baosheng, a project manager with the
CNOOC, 11 wells have found oil and gas in the Bohai Sea, and a 12th well has
reached 4,700 meters below the seabed.
Although the Bohai Oilfield is the second-largest crude oil production
base in China, its discovered reserves in the past 50 years were mainly crude
oil. Until now, few natural gas discoveries have been made due to the complex’s
geological structure.”. (RT News quoting China Daily)
How will this major discovery in the Bohai sea affect the energy
market, including the configuration of oil and gas pipeline corridors?
The CNOOC has confirmed that the Bohai natural gas would be
directly transported to major Chinese urban areas through existing pipelines.
According to the Global Times: “Most domestic natural gas bases
are located in western China, while 70 percent of the natural resource is used
in the central and eastern part of the country”.
The Bohai discovery will reduce North Eastern China’s dependence
on gas from Western China. It will also have an impact on the import of LNG via
maritime routes.
The Bohai deposits are close to major urban areas including
Beijing and Tianjin. Dalian is a strategic port in North Eastern China.
China is the world’s largest importer of natural gas and the
second-largest of liquified natural gas (LNG).
In January, prior to the CNOOC announcement regarding the Bohai
discovery, China announced plans to quadruple its LNG imports.
As of November [2018], Chinese LNG imports are up by a whopping
43 percent year-over-year. Total gas imports have grown by nearly one-third in
the same period. (Forbes)
Coupled with the US-China trade war, will the Bohai
discovery have an impact on China’s import of LNG from the US?
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