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Is China Blocking Vietnam’s Access To $2.5 Trillion In Oil & Gas?

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By Irina Slav - Aug 24, 2019, 6:00 PM CDT


The United States has accused China of interfering with oil and gas drilling operations off the coast of Vietnam in the disputed waters of the South China Sea. This is the latest indication that bilateral relations have a long way to go before they are mended.

“The United States is deeply concerned that China is continuing its interference with Vietnam’s longstanding oil and gas activities in Vietnam’s Exclusive Economic Zone (EEZ) claim. This calls into serious question China’s commitment, including in the ASEAN-China Declaration on the Conduct of Parties in the South China Sea, to the peaceful resolution of maritime disputes,” State Department spokesman Morgan Ortagus said in a statement.

Earlier this month, China deployed a survey boat to the area in question, and it was accompanied by an armed escort—a move that, according to the State Department statement, constituted “an escalation by Beijing in its efforts to intimidate other claimants out of developing resources in the South China Sea.”

A lot of the South China Sea is the object of disputes between China and its neighbors, with a court in The Hague in 2016 ruling against China’s claims and in favor of the Philippines—one of the neighbors opposing China’s expansion in the basin. China however, has not acknowledged the ruling, which has heightened tensions in the area. Instead, it has continued with its agenda, according to which most of the sea is Chinese waters.

The South China Sea may hold 28 billion barrels of oil, according to an estimate from the U.S. Geological Survey from the mid-90s. Since then, with technology improvements, this figure could have increased substantially. Of course, low oil prices or no low oil prices, everyone wants a piece of the oil pie, and China wants the biggest one. Related: Oil Prices Crash On Recession Fears

According to the U.S., China’s actions in the basin have blocked its neighbors’ access to an estimated US$2.5 trillion in untapped oil and gas resources. The statement also implies that these actions have prevented U.S. companies from taking part in the exploitation of these reserves.

The survey vessel deployment that sparked anger in Washington took place near Vanguard Bank, the same place where two years ago China threatened action against drilling commissioned by Vietnam. The threats worked and Vietnam cancelled the drilling project, which was led by Spain’s Repsol.

Now it’s India’s ONGC that is drilling in Vietnam’s Block 136-3, which it shares not with a U.S. company but with Russia’s top oil producer, Rosneft. According to earlier reportsfrom Sputnik, unnamed sources from Vietnam had said this was the third intrusion of Chinese vessels into waters that Hanoi claims are in its exclusive economic zone.

Since ONGC is a state company, this latest incident does not bode well for Chinese-Indian relations either. India is even more reliant on imported oil than China, so resources in the South China Sea are important for it.

With regard to U.S.-China relations, however, the statement will simply add to the tension, which has now become chronic as trade deal uncertainty drags on. As to effecting any actual change in China’s behaviour in the South China Sea that could encourage U.S. companies to join the exploration drive, the chances of that are slim to non-existent.

By Irina Slav for Oilprice.com

https://oilprice.com/Energy/Energy-...ietnams-Access-To-25-Trillion-In-Oil-Gas.html
 
By Irina Slav - Aug 24, 2019, 6:00 PM CDT


The United States has accused China of interfering with oil and gas drilling operations off the coast of Vietnam in the disputed waters of the South China Sea. This is the latest indication that bilateral relations have a long way to go before they are mended.

“The United States is deeply concerned that China is continuing its interference with Vietnam’s longstanding oil and gas activities in Vietnam’s Exclusive Economic Zone (EEZ) claim. This calls into serious question China’s commitment, including in the ASEAN-China Declaration on the Conduct of Parties in the South China Sea, to the peaceful resolution of maritime disputes,” State Department spokesman Morgan Ortagus said in a statement.

Earlier this month, China deployed a survey boat to the area in question, and it was accompanied by an armed escort—a move that, according to the State Department statement, constituted “an escalation by Beijing in its efforts to intimidate other claimants out of developing resources in the South China Sea.”

A lot of the South China Sea is the object of disputes between China and its neighbors, with a court in The Hague in 2016 ruling against China’s claims and in favor of the Philippines—one of the neighbors opposing China’s expansion in the basin. China however, has not acknowledged the ruling, which has heightened tensions in the area. Instead, it has continued with its agenda, according to which most of the sea is Chinese waters.

The South China Sea may hold 28 billion barrels of oil, according to an estimate from the U.S. Geological Survey from the mid-90s. Since then, with technology improvements, this figure could have increased substantially. Of course, low oil prices or no low oil prices, everyone wants a piece of the oil pie, and China wants the biggest one. Related: Oil Prices Crash On Recession Fears

According to the U.S., China’s actions in the basin have blocked its neighbors’ access to an estimated US$2.5 trillion in untapped oil and gas resources. The statement also implies that these actions have prevented U.S. companies from taking part in the exploitation of these reserves.

The survey vessel deployment that sparked anger in Washington took place near Vanguard Bank, the same place where two years ago China threatened action against drilling commissioned by Vietnam. The threats worked and Vietnam cancelled the drilling project, which was led by Spain’s Repsol.

Now it’s India’s ONGC that is drilling in Vietnam’s Block 136-3, which it shares not with a U.S. company but with Russia’s top oil producer, Rosneft. According to earlier reportsfrom Sputnik, unnamed sources from Vietnam had said this was the third intrusion of Chinese vessels into waters that Hanoi claims are in its exclusive economic zone.

Since ONGC is a state company, this latest incident does not bode well for Chinese-Indian relations either. India is even more reliant on imported oil than China, so resources in the South China Sea are important for it.

With regard to U.S.-China relations, however, the statement will simply add to the tension, which has now become chronic as trade deal uncertainty drags on. As to effecting any actual change in China’s behaviour in the South China Sea that could encourage U.S. companies to join the exploration drive, the chances of that are slim to non-existent.

By Irina Slav for Oilprice.com

https://oilprice.com/Energy/Energy-...ietnams-Access-To-25-Trillion-In-Oil-Gas.html
Oil and Gas belongs to China. F*** off USA
 
Oil and Gas belongs to China. F*** off USA
Relax bro

The waters belong to Vietnam.

US warships can stay, driving all clowns away.

I thought you are somewhere 40, stop bitching all day, act like one.
Plezzzz

Stay on topic don’t person attack

You have $3 trillion.

It’s fair when we have $2.5 trillion.
 
This is exactly what you looked like.
If you still were dirty poor driving bicycles Donald Trump won’t scold. Now you have $3 trillion you bully everyday everybody.

Understandable people complain!
 
Relax bro

The waters belong to Vietnam.

US warships can stay, driving all clowns away.


Plezzzz

Stay on topic don’t person attack

You have $3 trillion.

It’s fair when we have $2.5 trillion.
the only way the US Navy will interferes are when Vietnam sold the conssesion of oil and gas in that area to US company with cheap prices, that meant loss to vietnam either with China or to US Govt
 
the only way the US Navy will interferes are when Vietnam sold the conssesion of oil and gas in that area to US company with cheap prices, that meant loss to vietnam either with China or to US Govt
You underestimate our IQ. We give rights to drill to countries that support Vietnam: the US, Russia, India, Japan, Korea, Malaysia. They drill making money and give us a big chunk. They respect our territory. We don’t give to weaklings as Philippines and Indonesia.

I expect we will soon give rights to drill to England, France, Germany.

The more friends the better the party
 
You underestimate our IQ. We give rights to drill to countries that support Vietnam: the US, Russia, India, Japan, Korea, Malaysia. They drill making money and give us a big chunk. They respect our territory. We don’t give to weaklings as Philippines and Indonesia.

I expect we will soon give rights to drill to England, France, Germany.

The more friends the better the party
https://mobile.offshoreenergytoday....y-stops-vietnam-drilling-amid-china-pressure/
https://www.geopoliticalmonitor.com/us-sleeps-china-makes-waves-on-south-china-sea/
This contested oil and gas block is important to Vietnam since it provides up to 10 percent of its energy needs and because Hanoi realizes that if Rosneft folds, Exxon likely will too at the Blue Whale project.
they fold away when they have to face china ....even russian rostneft lol
 
https://mobile.offshoreenergytoday....y-stops-vietnam-drilling-amid-china-pressure/
https://www.geopoliticalmonitor.com/us-sleeps-china-makes-waves-on-south-china-sea/
This contested oil and gas block is important to Vietnam since it provides up to 10 percent of its energy needs and because Hanoi realizes that if Rosneft folds, Exxon likely will too at the Blue Whale project.
they fold away when they have to face china ....even russian rostneft lol
Vietnam doesn’t fold.

We have a mighty friend behind Rosneft: Putin.

He has immense economic and strategic interests in Vietnam.

Nobody should mess with Putin.

:)
 
Vietnam doesn’t fold.

We have a mighty friend behind Rosneft: Putin.

He has immense economic and strategic interests in Vietnam.

Nobody should mess with Putin.

:)
who would putin choose china or vietnam, do you think putin dumb enough againts russian biggest trade partner which is china
The top export destinations of Russia are China ($39.1B), the Netherlands ($27.7B), Germany ($19.9B), Belarus ($18.5B) and the United States ($15.4B). The top import origins are China ($43.8B), Germany ($27.2B), Belarus ($12.5B), the United States ($10.9B) and Italy ($9.2B).
 
You don't get access to what doesn't belong to you. See this?
575846c552bcd05c658c7939-750-570.jpg

None of what's enclosed by that belongs to you.
 
who would putin choose china or vietnam, do you think putin dumb enough againts russian biggest trade partner which is china
The top export destinations of Russia are China ($39.1B), the Netherlands ($27.7B), Germany ($19.9B), Belarus ($18.5B) and the United States ($15.4B). The top import origins are China ($43.8B), Germany ($27.2B), Belarus ($12.5B), the United States ($10.9B) and Italy ($9.2B).
They only share the common hatred on the United States and some bilateral trades. That is too little. Russia will not give up great power status for free to the chinese.

You don't get access to what doesn't belong to you. See this?
575846c552bcd05c658c7939-750-570.jpg

None of what's enclosed by that belongs to you.
We drill. We will drill.

We have fishing boats. We have coast guard ships. We have warships inner this circle.

What can you do?

Declare war?

Don’t be rediculous!
 

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