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China again warns foreign oil firms on South China Sea exploration

Discussion in 'China & Asia Pacific' started by hoatle1, Nov 1, 2011.

  1. hoatle1

    hoatle1 2nd Lieutant FULL MEMBER

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    China again warns foreign oil firms on South China Sea exploration


    (Reuters) - China on Monday warned foreign energy companies against exploration in the disputed South China Sea after U.S. oil giant Exxon Mobil Corp said it had discovered hydrocarbons in August off central Vietnam, in an area also claimed by China.

    The potentially significant gas discovery was made off the coast of Danang city, bringing a territorial row over the resource-rich South China Sea back into focus.

    Chinese Foreign Ministry spokesman Hong Lei reiterated at a regular briefing that "China has indisputable sovereignty over the Spratly Islands and adjacent waters," referring to the South China Sea.

    "We hope foreign companies do not get involved in disputed waters for oil and gas exploration and development. This position has been consistent," Hong said, when asked whether China plans to ask Exxon Mobil to withdraw from its oil and gas deal with Vietnam.

    He did not elaborate, nor single out Exxon Mobil by name.

    Exxon Mobil has a licence from the Vietnamese government to explore blocks 117, 118 and 119 off the Danang coast, falling within what Vietnam claims is its 200-mile exclusive economic zone under international maritime law, the Financial Times reported last week.

    But the blocks also fall within China's vast claim to almost the entire South China Sea, also claimed in part by Brunei, Malaysia, the Philippines and Taiwan.

    The sea and areas such as the Spratly Islands and other atolls are believed to have rich deposits of oil and gas and is also a rich fishing ground.

    One of China's most popular newspapers, the Global Times, cautioned last week that nations involved in territorial disputes in the waters should "mentally prepare for the sounds of cannons" if they remain at loggerheads with Beijing.

    (Reporting by Sui-Lee Wee; Editing by Ed Lane)


    China again warns foreign oil firms on South China Sea exploration | Reuters
     
  2. hoatle1

    hoatle1 2nd Lieutant FULL MEMBER

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    Exxon Mobil (XOM) Down 1.4% after China Warns Foreign Companies on S. China Sea Exploration

    Exxon Mobil (NYSE: XOM) opened at $80.99. So far today, the stock has hit a low of $80.10 and a high of $80.64. XOM is now trading at $80.34, down $1.14 (-1.4%). Over the last 52 weeks the stock has ranged from a low of $65.99 to a high of $88.23. The company recently announced it discovered hydrocarbons off the coast of Vietnam. The company has a license to explore the area from Vietnam, but the South China Sea is a disputed area claimed by China and other countries. A spokesman for the Chinese foreign ministry was quoted saying, "We hope foreign companies do not get involved in disputed waters for oil and gas exploration and development." Technical indicators for the stock are bullish and S&P gives XOM a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on XOM the stock seems like it could be a candidate for a Janaury out-of-the-money bear-call credit spread above the 90 range. [ABR-Seven Summits Strategic Investments NewsBite]

    Exxon Mobil (XOM) Down 1.4% after China Warns Foreign Companies on S. China Sea Exploration
     
  3. Manmohan Yadav

    Manmohan Yadav Brigadier STAR MEMBER

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    more coffee please :coffee:
     
  4. hoatle1

    hoatle1 2nd Lieutant FULL MEMBER

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    Please view the place which Exxon Mobil had discovered hydrocarbons (the black point):

    [​IMG]

    It's too close to Vietnam coast. Is not within disputed waters.

    Hope that Exxon Mobil will not withdraw from Vietnam!

    And the same with ONGC Videsh!
     
    Last edited: Nov 1, 2011
  5. Defcon 1

    Defcon 1 2nd Lieutant FULL MEMBER

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    we won't...chinese should be taught that they cannot claim the whole world and expect the world to evacuate it for them....
     
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  6. Manmohan Yadav

    Manmohan Yadav Brigadier STAR MEMBER

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    No one is going to Leave Vietnam :biggthumpup:
     
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  7. aseanunity

    aseanunity REGISTERED

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    China should learn the proverb...finders keepers, losers weepers. More countries should join Vietnam in the oil explorations, it benefits everyone. Let China yell, weep, cry all it wants, no one is listening.
     
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  8. Defcon 1

    Defcon 1 2nd Lieutant FULL MEMBER

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    is there any news of indian export of Brahmos to Vietnam???? I am sure brahmos will prove a major deterrent against any chinese aggression towards vietnam.....
     
  9. hoatle1

    hoatle1 2nd Lieutant FULL MEMBER

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  10. Averageamerican

    Averageamerican Colonel ELITE MEMBER

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    I don't think Trump will back down from China.
     

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