Taiwan to explore oil and gas in South China Sea

Taiwan plans to start exploring for oil and gas in the South China Sea starting next year. Reports claim the Government announced a budget of Tw$17 million (£363,000) has been set aside to kick off exploration in the sea around Taiping Island although details are yet to be confirmed. Taiwan currently imports around 98% of […]

BP to sell stake in China gas field to Kuwait

BP today announced it has agreed to sell a stake in the Yacheng gas field in the South China Sea (pictured) for $308 million (£189m) in cash. Kuwait Foreign Petroleum Exploration Company (KUFPEC) will get 34.3% interest in the field, which is believed to be the largest offshore natural gas producing field in China. It […]