China's Offshore Oil Engineering has begun developing a large new natural gas field, Liuhua 29-2, in the eastern waters of the South China Sea, Report informs, citing Xinhua.
According to it, the project's goal is to meet the growing demand for hydrocarbons in the dynamically developing southern region of the country - Guangdong province, as well as the special administrative regions of China, Hong Kong, and Macau.
The field is expected to produce about 420 million cubic meters of gas in 2021.
According to the Geological Exploration Department of Hainan Province, offshore gas reserves in the South China Sea are at least 58 trillion cubic meters, and oil reserves are estimated at 29 billion tons. According to official estimates, only 4 trillion cubic meters and 2 billion tons are still available for development.