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General David Petraeus Dispatches from Munich
>> YOUR LINK HERE: ___ http://youtube.com/watch?v=tj3YX0XIa5w
The U.S. Energy Information Agency, estimates that the South China Sea holds about 190 trillion cubic feet of natural gas, and 11 billion barrels of oil, in proved and probable reserves. Most of which lie along the margins of the South China Sea, rather than under disputed islets and reefs. • While the U.S. Geological Survey in 2012, estimated that there could be another 160 trillion cubic feet of natural gas, and 12 billion barrels of oil undiscovered in the South China Sea. Beijing’s estimates for hydrocarbon resources under the sea are considerably higher, but still modest in relation to China’s overall demand— were the country’s oil consumption in 2018 is expected to top 12.8 million barrels per day. • This year, the Washington-based Asia Maritime Transparency Initiative reported that several countries are pursuing new oil and gas development projects in those contested waters, which, the organization notes, could become a flashpoint in the disputes. • Between 2018 and 2025, there were numerous standoffs between China, Vietnam, the Philippines, and other Southeast Asian countries over drilling operations in disputed area of South China Sea, and fears are building that even more severe confrontations lie ahead. • Fresh conflicts in the South China Sea may arise as claimants – excluding the Philippines – push ahead with oil and gas projects in areas Beijing claims, according to a new report. Data from US-based Asia Maritime Transparency Initiative, detailed claimants’ new offshore projects, many of which lie inside China's sweeping nine-dash line claim, including sites where confrontations previously took place. • According to Think Tank, With the China coast guard increasing the frequency of patrols across disputed waters, the prospect of confrontation between Chinese law enforcement and oil and gas operators at many of these locations is high. China, Vietnam, Malaysia, and Indonesia have moved forward with their energy exploration and development projects, while the Philippines continues to suspend all such ventures in contested waters — a policy adopted in 2014. • However, in 2024, the United States voice its interest in Philippines Multi-Trillion Oil and Gas Industry. A joint exploration within the Philippine exclusive economic zone in the South China Sea is expected as Philippine companies that have been given concessions in the area have been seeking potential partners in the US for a joint venture in the exploration of energy sources. • Electricity costs in the Philippines are not only threatened by movements in the global energy markets but also by the expected depletion of the Southeast Asian nation’s only indigenous source of natural gas. The Malampaya gas field, which accounts for at least 40% of electricity needs in the Philippine capital region, is projected to run dry by 2027 with expected serious repercussions for the economy. • Philippine energy and Oil and Gas industry are expected to heavily benefit from the $100-billion investments that the Philippines is expected to gain in the coming years. There is an opportunity for the Philippines to attract investments, particularly from US and Japanese firms, that might leave China in the wake of the political tension in the West Philippine Sea. • Philippines’ increasing bond with the US and Japan could significantly boost Manila’s positioning as an investment destination. The United State is pursuing an industrial policy to develop Manila’s oil and Gas Industry which estimated to have trillions of worth of untapped deposits, in which China wants to occupy. • According to the report, Manila is the only claimant not developing hydrocarbon resources on the portions of its continental shelf covered by China’s nine-dash line. Manila briefly permitted exploration at Reed Bank last spring, but quickly shut it down amid challenges from the China Coast Guard. • The Philippines has a reasonable expectation that China will more forcefully block new work in the Reed Bank than it does elsewhere in the South China Sea. • Without access to more promising prospects, Philippine operators have turned to redeveloping the Cadlao oil field, an old concession that sits outside of China’s nine-dash line claim, and that last produced oil in the early 1990s. It noted, that Cadlao currently has an estimated five million barrels in reserves — much smaller than Reed Bank’s estimated five billion barrels of oil and 55 trillion cubic feet of gas. • • Join this channel to get access to perks: • / @aseananalytics
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