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China-Japan-Koreas
5.4 billion barrels of oil and 55.1 trillion cf of natural gas in Spratly Islands
2013-02-15
MANILA, Philippines – The disputed Reed Bank in the Spratly Islands is estimated to contain up to 5.4 billion barrels of oil and 55.1 trillion cubic feet (tcf) of natural gas, according to a newly published report by the United States Energy Information Administration (EIA).

Quoting data from the US Geological Survey, the EIA estimates the disputed Spratly Islands territory may contain significant deposits of undiscovered hydrocarbons.

“USGS assessments estimate anywhere between 0.8 and 5.4 (mean 2.5) billion barrels of oil and between 7.6 and 55.1 (mean 25.5) tcf of natural gas in undiscovered resources,” the EIA said in the Feb. 7 report.

“Evidence suggests that most of these resources are likely located in the contested Reed Bank at the northeast end of the Spratlys, which is claimed by China, Taiwan, and Vietnam,” the EIA also said.

In all, the EIA estimates the South China Sea to contain approximately 11 billion barrels of oil and 190 tcf of natural gas in proved and probable reserves.
Posted by:Water Modem

#16  Troll/bot alert, mods!
Posted by: Barbara   2013-02-15 17:44  

#15  
Posted by: Simon   2013-02-15 16:48  

#14  Anguper ... good point. Supports the general idea that "all the sources of good, cheap oil have been found already". There is still oil that can be discovered, but it's either in smaller deposits or the extraction costs will be higher in the future. It all points to price pressure on oil as we go forwards, and pressure on the USA to cut its oil consumption.
Posted by: Raider   2013-02-15 15:10  

#13  It's about the nations involved in claims.
I agree. However, the total amount estimated is piddling on the world stage, and the report is misleading to even hint otherwise.
Posted by: Anguper Hupomosing9418   2013-02-15 12:12  

#12  Oil is about as relevant as peak flint would be to neolithic man...
Posted by: Bright Pebbles   2013-02-15 11:20  

#11  While the perspective of American consumption is interesting, it's not about America. It's about the nations involved in claims. For the Philippines ranking around 43rd in GDP, that oil/gas has a far more significant impact upon their economy, both the national and the traditional graft/corruption (google 'PEMEX corruption' for a model).
Posted by: Procopius2k   2013-02-15 10:30  

#10  We may or may not have reached Peak Oil but the concept is real and it will occur relatively soon.
Posted by: Glenmore   2013-02-15 10:23  

#9  If only there was a peak stupid.
Posted by: Bright Pebbles   2013-02-15 10:19  

#8  Get a quick look, you'll not be seeing many of these anymore.

Note: Old Fairbanks Morse engine powering pump jack being run by natural gas regulated from the same well. Soybeans in the background.
Posted by: Besoeker   2013-02-15 09:14  

#7  But...but...but, we've passed Peak Oil™! We're all gonna freeze and diiiiieeeeeee!

/leftist loon
Posted by: Barbara   2013-02-15 09:01  

#6  The future has hit 'peak oil' several times. Yes, I'm looking at you.
Posted by: Procopius2k   2013-02-15 08:17  

#5  A funny thing happened to "peak oil" on the way to the future.
Posted by: g(r)omgoru   2013-02-15 06:30  

#4  Thanks Joe. Please keep us updated.
Posted by: Besoeker   2013-02-15 06:11  

#3  How much oil does the United States consume per year?

Correction: The United States consumed a total of 6.87 billion barrels (18.83 million barrels per day) in 2011 and 7.0 billion barrels (19.18 million barrels per day) of refined petroleum products and biofuels in 2010. For both years, this was about 22% of total world petroleum consumption.
Estimates of South China Sea oil in toto are still less than 2 years of US consumption at the 2011 rate.
Posted by: Anguper Hupomosing9418   2013-02-15 03:35  

#2  The EIA said:
The United States consumed a total of 687 billion barrels (18.83 million barrels per day) in 2011 and 7.0 billion barrels (19.18 million barrels per day) of refined petroleum products and biofuels in 2010. For both years, this was about 22% of total world petroleum consumption..
That means the South China Sea contains a 5.8 day supply of oil as consumed by the USA in 2011.
Whoop-te-doo!
Posted by: Anguper Hupomosing9418   2013-02-15 03:25  

#1  Vietnam repor is not happy also about China's successful new rapprochement wid Cambodia + Laos.

Iff NDTV's claims about China mass mobilizing PLA Troops + Veehiiikles in the provinces across from TAIWAN are true, as for possib mil conflict wid JAPAN, China is also putting itself in a good strategic position to strike at the Northern PHIL in support of any major PLA attack agz PHIL from HAINAN [Cambodia?].

Posted by: JosephMendiola   2013-02-15 01:06  

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