According to Asia Times Financial’s report “China to start big oil and gas project in South China Sea” based on local news website Netease’s report, China has recently finished construction of the world’s largest oil and gas storage platform.
It has 53,000 ton capacity and will deploy in January 2021 for storage of the oil and gas extracted from the Lingshui 17-2 field 150 km away from Hainan Island.
The report says, “The Lingshui 17-2 is a deepwater oil and gas field originally discovered in 2014. It made headlines in China, because it was the country’s first deepwater gas field discovery in the South China Sea.
It is located in the east Lingshui Sag of Qiongdongnan Basin, with an average water depth of about 1,450 meters, according to CNOOC.”
The oil fields have huge reserves of 200 million tonnes of oil and 300 billion tonnes of natural gas.
They lie so deep at the sea bottom that China has built the world’s largest deep-water semi-submersible drilling rig to carry out the exploitation.